"It has been a frustrating process but I am pleased the hard work has paid off and he will be arriving shortly in Australia to meet the charges against him," Mr Aulich said.

"Mr Arnold is content to meet the charges either with or without his co-accused."

It is understood that two other Australians, Tristan Waters and David Campbell, remain behind bars in Serbia.

The trio were arrested in a Belgrade hotel on January 18 for their alleged roles in the importation of 1280 kilograms of cocaine.

Serbian authorities nabbed the men as they were allegedly handing over a bag containing a gun and $1 million in cash.