According to the Telegraph's Matt Law, Wojciech Szczesny has signed off on a one-year loan to Roma, with a long-term goal of returning to Arsenal to challenge Petr Čech for the first-team goalkeeping job. The club also approves, so it seems like the final touches would be agreements with Roma over exactly what the loan would entail, as well as any wage or fee issues.
Law's report does not mention anything about the alleged €5 million purchase clause that was rumored earlier, and caused much commotion in Arsenal Twitter and also in my soul. In fact, as Law says:
Roma had been interested in signing Szczesny permanently, but that did not suit the player or Arsenal at this stage.
Szczesny still firmly believes he can return to Arsenal to challenge Petr Cech for the number one spot in the future.
But the Pole also realises that his opportunities during the forthcoming season would be limited and he is keen to play regular football.
Emphasis is mine.
If this deal does go through, it raises some question as to what will happen to the third and fourth goalkeepers in Arsenal's ranks. David Opsina would be a fine backup for Čech, but may not want to fight for the place (especially with the knowledge that he's unlikely to win that fight anytime soon). Emiliano Martinez is evidently "highly-rated" by Arsenal, but he's also only 22 years old – though that's only three years younger than Szczesny himself.
Whoever the backup is though, it looks more likely that Szczesny will not be spending the 2015-16 season at Arsenal.