The talented striker will move to Vigo from second division side Gimnastic de Tarragona following a superb season, though reports claim he could have ended up at Newcastle United.
Rafa Benitez, staying on following much speculation over his future, has plenty of ties back in his native Spain and a recent report in the Daily Mail claimed the club were in talks with striker Naranjo.
The talented 21-year-old netted an impressive 15 goals last season, including a remarkable seven-goal haul in just under three moths at the beginning of 2016.
Only 24 hours ago the Toon Army were said to be holding talks with the player over a potential switch to St. James’ Park, yet they’ve ultimately missed out on his signature as Naranjo heads to La Liga.
Celta will look to pair him alongside Spain international Nolito, while Newcastle on the other hand will have to broaden their search as they look for a suitable partner for Aleksandar Mitrovic.