Basel held their first post-Christmas training session on Tuesday and Egyptian midfielder Elneny was a notable absentee.
The 23-year-old is expected to complete a £7million move to the Emirates to become Arsenal's first signing of the transfer window.
A statement on Basel's website said: "Absent [from training] was Mohamed Elneny, for who there could be a transfer in the coming days."
Gunners boss Arsene Wenger hinted Arsenal could sign two players during January.
"I don’t give much away (about transfers) because I don’t know," Wenger said after Arsenal's win over Newcastle on Saturday.
"I want to talk about them and hopefully we are capable of doing something in the next 10 days. It’s more about quality than quantity because our players will not stay out injured forever.
"Francis Coquelin is starting to run, Santi Cazorla will be back in mid-February, and Mikel Arteta is back now so, hopefully, if we can add one and, if needed, two maximum."
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