He is also, as you can see, holding a Villarreal scarf that (presumably) is not his, because I seriously doubt he bought one just for this picture. This all means something.
What it means is that Campbell's loan to Villarreal is happening, and will likely be officially announced by Arsenal soon (which is to say, before March 1). But that loan is connected to the Gabriel Paulista transfer from Villarreal to Arsenal, which still has yet to be actually announced, but since a fee is agreed and the work permit is approved and the player wants to come, I'm not entirely sure what the hold-up is. Probably when Lukas Podolski left he took all the cameras with him, so they haven't been able to take his #WelcomeGabriel picture yet.
With all this on the table, though, at this point I'd be really surprised if this transfer blew up. It'd almost have to be an agent screw-up of some kind. I expect Gabriel soon.