Arsenal sign goalkeeper Kepa Arrizabalaga from Chelsea
The 30-year-old Spaniard spent last season on loan at Bournemouth, making 35 appearances in all competitions.
Arsenal had brought in Neto from the Cherries as back-up to David Raya, but the Brazilian has returned to the Cherries following the end of his own season-long loan.
Kepa, who spent the 2023/24 campaign at Real Madrid, has signed a three-year deal, the PA news agency understands. The fee is reported to be around £5million, with the transfer subject to the completion of regulatory processes.
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'I'm really, really happy to be here, really excited and looking forward to what is coming,' Kepa told Arsenal's website.
'The ambition that is shown in this club, when I talk with Mikel (Arteta) and (goalkeeping coach) Inaki (Cana), how much they show me their desire to win, I think we are so close to winning and, hopefully, altogether, we can achieve it.'
Kepa became the world's most expensive goalkeeper when he joined Chelsea from Athletic Bilbao in a £71m deal during the summer of 2018, going on to win the Europa League and Champions League with the Blues as well as the 2023 UEFA Nations League with Spain.
Gunners boss Mikel Arteta is confident Kepa will provide plenty of competition for his compatriot Raya.
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'He is a player we know, having come up against him many times in recent seasons,' Arteta said. 'He brings a wealth of experience, which his team-mates will benefit from, and he has a real hunger to win.
'Kepa works hard and will elevate our levels. I know he will fit in perfectly, already knowing some of his team-mates, and we are really excited about his future with us.'
Arsenal also appear to be closing in on deals for Brentford midfielder Christian Norgaard and Real Sociedad's Martin Zubimendi.
The Gunners are in need of midfield reinforcements, with Thomas Partey having become a free agent after his contract expired and Jorginho also leaving the club earlier this month to join Brazilian club Flamengo.
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