The Germany international was snapped arriving in Milan wearing an Inter scarf on Friday, although no official announcement regarding a deal has yet been made.
Podolski then bid a fond farewell to Arsenal fans via his Instagram account on Saturday before pictures emerged on Twitter of him and head coach Mancini together.
"New year, new beginnings. #ForzaInter #Mancini #Inter #Poldi," read a post on Podolski's official account, accompanied by a photo of the player and Mancini.
There were also posts from both Mancini's official account and that of the club, with the German seemingly having agreed terms on what is expected to be a loan deal for the rest of the 2014-15 season.
Podolski has endured a frustrating time in his two and a half years at Arsenal, scoring 31 goals in 82 appearances for the London club, but starting just 55 games.
Arsenal manager Arsene Wenger has not started Podolski in the Premier League this season, with the 29-year-old striker making just seven substitute appearances, prompting his impending move to Inter.
