Arsenal have completed the signing of French striker Alexandre Lacazette from Lyon for a club record £46.5m fee on a five-year deal.
The fee - up to £52.6m with add-ons - will surpass the £42.4m Arsenal paid Real Madrid for Mesut Ozil in 2013.
Lacazette, who has won 11 caps for France, was the second-highest scorer in Ligue 1 last season with 28 goals.
The Gunners had an initial bid for the 26-year-old rejected, but talks continued.
Lacazette scored 129 goals in 275 matches in all competitions for Lyon after breaking into the first team in the 2009-10 campaign.
His league tally last season was bettered by only Paris St-Germain's Edinson Cavani, with 35.
Lacazette has been linked with several top clubs and looked set to join Atletico Madrid before their transfer ban was upheld by the Court of Arbitration for Sport.
Last week Arsenal chief executive Ivan Gazidis promised fans "top-quality" summer signings during a question-and-answer session.
Left-back Sead Kolasinac, who joined from Schalke, is Arsenal's other recruit since the end of last season.
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