Arsenal have signed Oleksandr Zinchenko from Manchester City in a £32m deal.
According to various UK tabloids, the Gunners have paid £30m up front with £2m in add-ons for the Ukraine international, who has already joined up with the Arsenal squad at their pre-season training camp in Orlando.
Zinchenko spent just over six years at City after joining the club as a teenager from Russian side Ufa.
The 25-year-old becomes the Gunners' fifth summer signing following the arrivals of Jesus, Marquinhos, Matt Turner and Fabio Vieira.
Speaking about the arrival of Zinchenko, Arteta told Arsenal's official website: "We're so happy Alex has joined us. He's a player that I personally know really well and continued to follow him after my time at Manchester City.
"Alex is a high quality player who will give us options and versatility. It's not only about the positions he can play but as well, the versatility he will give us in attack and defence.
"Alex is a person with great human qualities and character, and I'm delighted that everyone has made this huge effort to bring Alex to the club."
Arsenal technical director Edu added: "I'm very pleased to see how we're working as a team here in the club. We put a plan together early and Oleksandr Zinchenko was a main focus on our list.
"We're pleased to have Alex with us now because he has the attributes which I'm sure are going to put our squad at a different level."