Spanish giants Atletico Madrid have announced the arrival of Alessio Cerci from Torino in a statement on their website.
The Italian international has long been seen as a promising talent, but he truly made a name for himself at the highest level last season.
Cerci's heroics helped Torino reach the Europa League, but the club knew that he would be looking for Champions League football this season.
Arsenal had been widely linked with Cerci, as had Southampton, but in the end it was Atletico Madrid who successfully persuaded Torino to relinquish their prized asset.
"The player will sign a three-year contract after his medical."
Atletico will pay Torino £12.6 million plus another £2.4 million in bonuses and Cerci may be presented to the press this afternoon.
It would appear that neither Arsenal nor Southampton ever made a definitive move for Cerci although both are believed to have made contact with Torino to discuss his situation.
Will Arsenal regret not signing Alessio Cerci?