The Gunners have activated a release clause in the Nigeria international's contract with the Reds.
Oshoala will now hold talks with Pedro Martinez Losa's side but the move is subject to the 21-year-old receiving a work permit for the 2016 campaign.
Oshoala was named the BBC's Women's Footballer of the Year in 2015.
She joined Liverpool ahead of the 2015 WSL campaign and scored three goals in 12 league outings last season.
Liverpool Ladies have "reluctantly accepted" a transfer bid for striker Asisat Oshoala from fellow Women's Super League side Arsenal Ladies.