Allende completed his third trial at Arsenal earlier this month – during which he trained with the first team.
The playmaker turned 18 last week, meaning the Gunners could offer him a pro deal.
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He headed back to his club side Deportes Santa Cruz to await a phone call from Arsenal bosses.
And the Daily Mirror claim the call has come in, with Arsenal keen to secure the exciting young talent before a rival club launch a bid.
Allende has been dubbed the ‘next Alexis Sanchez’ and he has already captained Chile at the Under-17 World Cup.
Arsenal have offered Chilean Marcelo Allende (right) a professional contract
Allende captained Chile at the U17 World Cup in 2015
Allende (right) had three trials at Arsenal before the Gunners offered him a deal
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He graduated through the same Cobreola academy that Gunners star Sanchez played for.
It is claimed Arsenal are now negotiating a deal with his current club that would see him move to north London next season.