The Argentine ace was close to joining the Gunners two years ago before opting for Napoli instead.
The former Real Madrid man has been a big hit in Italy, bagging 51 goals in 98 appearances.
The 16-year-old has joined from IF Brommapojkarna and will initially link up with Joe Edwards’ Under-18s.
Chelsea have had a deal in the works since December 2013 but allowed him to remain with the Stockholm-based club.
Premier League rivals Manchester United were also linked with Colley.
Van Persie is heading out of Old Trafford with Fenerbahce reportedly close to completing a deal.
Javier Hernandez is also likely to leave with Sevilla interested in his signature, while Radamel Falcao has already left following his dismal loan spell.
The Spanish winger is reportedly eyeing a Barcelona exit after falling down the pecking order at the Nou Camp.
And according to TalkSPORT, Pedro could be heading to Paris, with the lure of Champions League football too good to turn down.
Liverpool are only in the Europa League in the upcoming campaign after their tumble down the table last season.
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