Arsenal have completed the £15million signing of Southampton winger Alex Oxlade-Chamberlain.
Saints announced on their website that Oxlade-Chamberlain has moved to the Emirates Stadium for a club record fee, subject to Premier League and Football Association approval.
The Gunners are to pay £12million up front and a further £3million in add-ons, Press Association Sport understands.
Arsene Wenger hailed Oxlade-Chamberlain, who turns 18 next Monday, as a player of rich potential, and said: "We are delighted that Alex has decided to join us," Wenger told the club's official website. "He is an exciting young player who will provide us with creativity and offensive quality.
"Alex is a versatile player who can play in a number of positions. He can play as an attacking centre midfielder, or wide left and right. Alex is a perceptive passer of the ball and has a great understanding of the game and looks to be a very good team player."
Oxlade-Chamberlain has yet to compete at a higher level than League One but his signing will still be viewed as a coup for Arsenal, despite the size of the transfer fee. Manchester United and Liverpool also expressed interest in the Southampton academy product, but the Gunners edged their rivals on this occasion.
"Alex agreed personal terms and passed a medical this afternoon," read a statement on Southampton's official website www.saintsfc.co.uk. "It is one of the biggest deals in Championship history, which sees Saints' previous transfer records blown out of the water.
"The deal for the midfielder, who had made it clear he saw his future away from Southampton, was done with Saints in the driving seat for the duration of the protracted negotiations and the transfer was completed on our terms."
Oxlade-Chamberlain, who was contracted at Southampton until 2013, 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.
"Arsenal have a great manager in Arsene Wenger, top-quality players and an attractive style of play," said Oxlade-Chamberlain. "These were all important factors in me choosing to sign for Arsenal."