Arsenal have confirmed the signing of Spain international Santi Cazorla from Malaga for an undisclosed fee.
The 27-year-old midfielder only joined Malaga from Villarreal a year ago for a fee of €21 million, and helped the club qualify for the Champions League with a fourth place finish in La Liga last season.
However, Los Boquerones are now deep the financial mire and Cazorla is likely to be the first of several high-profile departures as the club's owners look to balance the books.
"I'm so happy to be joining Arsenal," Cazorla told the official Arsenal website. "This is a club with great players, a fantastic stadium and huge support.
"The Club has one of the best managers in football and their style of play is recognised and admired all over the world.
"I'm so excited to be joining one of the greatest teams in Europe and also in the Premier League. I will do my best to help Arsenal challenge for trophies and make all the supporters happy."
Cazorla has made a total of 45 appearances for Spain, and featured for La Roja during the triumphant European Championship campaigns of 2008 and 2012.
He has travelled with Arsenal on their pre-season trip to Cologne, and follows the acquisitions of Lukas Podolski and Olivier Giroud in what has so far been a fruitful transfer window for Arsene Wenger.