The Portugal under-16 international completed trials at Fulham and Arsenal, but opted for the Gunners today, signing a three-year deal to join Arsene Wenger's side.
The 16-year-old winger failed to reach an agreement with Fulham after a short trial at the west London club, and chose to join Arsenal for the reputation of youth development.
Wenger has not been shy to promote talented young players into the club's first team, and Centeno has his eye on a rapid ascent into the main squad.
As well as Arsenal and Fulham, the report claims several Portuguese clubs were interested in the forward, who has lived in England since he was two years old.
He will feature for the club's academy or the time being, and if all goes, will get a chance to impress Wenger if he makes the jump to the team's under-21 development side.
Arsenal have one of the most successful academy's in England, with the next generation of first-team stars tipped to make the breakthrough sooner rather than later.
There's high hopes for Serge Gnabry, the German attacking midfielder, while Chuba Akpom continues to find the net on a regular basis for the under-21s.