Sheth claims that the deal is understood to be an initial loan, but with performance-related conditions that would turn the loan into a permanent transfer.
In other words, there will be an obligation to buy in the deal, but only if Lokonga hits certain targets.
Albert Sambi Lokonga with Luton Town (Photo via Luton Town on Twitter) Arsenal have done other similar deals in the past, with the likes of David Ospina and Pablo Mari leaving on loan deals that would turn permanent if they made a certain number of appearances for their loan side.
The deal would appear to be a fair compromise for both clubs, with Arsenal initially hoping for an obligation to buy and Sevilla wanting an option. If Sheth is right, there will be an obligation, but evidently only if things go well during the loan spell.
The value of the purchase clause hasn't been confirmed, but previous reports had suggested Arsenal wanted it set at EUR12m (PS10.2m).
Arsenal already received a fee of PS500,000 for Lokonga's loan to Luton Town last season and may also have received a fee for his loan to Crystal Palace. They originally signed Lokonga for PS15m.
Albert Sambi Lokonga trains with Arsenal (Photo via Lokonga on Instagram) Lokonga playing 19 times for Luton Town last season amid a couple of injury setbacks.
Despite those spells out through injury, Lokonga was back in the team by the end of the campaign, making five consecutive starts in the final month and putting in some strong performances.
After the season's conclusion, the midfielder spoke to the media about his intentions to leave Arsenal.
"I think that [my time at Arsenal] is slowly coming to the end," Lokonga said.
"I had a discussion with the club and what was said is that the best solution for me was to leave. I have a one-year contract plus a one-year option, so now it's up to the club and my agent to find the best solution."