Arsenal have signed Southampton winger Alex Oxlade-Chamberlain for a reported fee of £12 million - a deal that breaks the Championship club's transfer record.
Oxlade-Chamberlain moves to Emirates Stadium after agreeing personal terms and passing a medical on Monday. He follows in the footsteps of former Saints academy graduate Theo Walcott.
Walcott joined the Gunners in a revised £9.1 million deal in 2006 and Arsenal could pay a total of £15 million for England Under-21 international Oxlade-Chamberlain, with an up-front fee of £12 million plus a possible further £3 million in add-ons.
Oxlade-Chamberlain, 17, is regarded as one of England's most promising young footballers. He played a key role in helping Southampton secure promotion to the Championship last season, firing nine goals in 34 appearances.
Known for his pace and ability to beat defenders, he can operate on either side of the pitch. His style has invited comparisons with Walcott, though Oxlade-Chamberlain is a better defender who is comfortable in central midfield as well as out wide.
Arsenal manager Arsene Wenger is also rumoured to be close to signing Costa Rican striker Joel Campbell as a replacement for Nicklas Bendtner, who is expected to leave the club this summer.
Arsenal are also keen to bring in at least one experienced Premier League defender as Thomas Vermaelen limped off against Benfica at the weekend, with Birmingham's Scott Dann, Everton's Phil Jagielka and Bolton's Gary Cahill all possible targets.
The highly-rated Southampton superkid, 18 next Monday, finally completed his move to the Gunners.
He said: "I'm so excited to be joining Arsenal. It's a fantastic club and I'm really looking forward to the opportunity of playing at the highest level.
"Arsenal have a great manager in Arsene Wenger, top quality players and an attractive style of play.
"These were all important factors in me choosing to sign for Arsenal.
"I'm proud to be joining Arsenal but I would also like to thank everyone at Southampton for their help and support during the early part of my career, for which I will always be grateful.
"I'm now looking forward to giving absolutely everything in an Arsenal shirt."
Gunners boss Wenger, who has been after the player for eight months, said: "We are delighted.
"He is an exciting young player who will provide us with creativity and offensive quality."
Wenger had a £5m bid for the youngster turned down by Saints in January.
The South Coast club's chairman Nicola Cortese then proved he is no pushover by rejecting a £7m offer from the Gunners last month, forcing Wenger to more than double the bid.
Arsenal will pay an initial £12m up front with the remaining £3m based on appearances and 'add-ons'.
The Ox follows in the footsteps of England winger Theo Walcott, who joined Arsenal from Southampton in 2006.
Arsenal have opened talks with Birmingham City over the potential transfer of centre-back Scott Dann, according to Sky Sports News.
The Arsenal defence came in for much criticism last season and manager Arsene Wenger has been linked with a number of targets - including Bolton's Gary Cahill and Everton's Phil Jagielka - as he seeks to strengthen his back four.
However, Wenger now appears to have set his sights on Dann, who has been linked with Chelsea, Liverpool, Aston Villa and Stoke, as his main target to play alongside Thomas Vermaelen.
Dann, 24, formed a formidable partnership with Roger Johnson at the heart of Birmingham's defence last term but was ruled out of Blues' Carling Cup final victory over the Gunners through injury.
The former Walsall youngster moved to Birmingham in a £3.5 million deal from Coventry in the summer of 2009.