Yes, I agree with your sentiment bro, as it stands now, the transfer of victor osimhen is more likely to go through to arsenal than Chelsea, because Chelsea can't afford to spend a very huge amount of money like 120million euros on a single player due to the fact that financial fair play is breathing at their neck already.
He is more likely to go too arsenal, but another team that shouldn't be removed from the equation of this particular transfer saga is Paris saint Germain, they have been eyeing this particular transfer for sometime now, and the exit of Kyler mbape to real madrid made it very much likely that they might pursue this transfer and likely sign him if they have the will, so I believe that the most likely destination of victor osimhen is either arsenal or psg.
Now everything depends on money in the end because after all with a large clause now it depends on the courage of the interested club to bring in Osimhen because with only mediocre money Osimhen will definitely not be allowed to leave. Apart from that, currently it seems like PSG have shifted their focus to Kvaratskhelia compared to Osimehn but it doesn't rule out the possibility that in the end they go together to PSG no problem especially we know what PSG's money is like even if there is FFP (maybe) but that won't be the case. problem for them.
For Arsenal, it is still possible, especially since their attack line and goal productivity are poor even though they have Gabriel and Havertz in the squad, especially since Arsenal are also quite loyal when talking about player transfers.