Manchester United have confirmed the signing of Chile forward Alexis Sanchez from Arsenal, with Henrikh Mkhitaryan heading in the opposite direction.
According to various media reports, the four-and-half year contract that Sanchez has signed will earn him between £350,000-a-week to £400,000-a-week in an astonishing transfer that could see him earn around £100m at Old Trafford.
It will make the 29-year-old the highest paid player in the Premier League.
Sanchez was out of contract at Arsenal at the end of the season, and joins United after their local rivals Manchester City had pulled out of the running.
Sanchez scored 80 goals in 166 appearances since joining Arsenal from Barcelona in 2014.
The Sanchez transfer was confirmed on United's social media feeds via a specially-produced video.
The footage confirmed he will be wearing squad number 7 at Old Trafford following in the footsteps of iconic number sevens such as George Best, Eric Cantona, Cristiano Ronaldo and Bryan Robson.
Sanchez told the club website: “I am thrilled to be joining the biggest club in the world.
I have spent three-and-a-half wonderful years at Arsenal and I bring with me very positive memories of that great club and its fans. The chance to play in this historic stadium and to work with Jose Mourinho was something I could not turn down.
"I am very proud to be the first Chilean player ever to play for United’s first team and I hope I can show our fans all around the world why the club wanted to bring me here.”
Alexis Sanchez has joined Manchester United.
Image credit: Eurosport
His new manager Jose Mourinho said: “Alexis is one of the best attacking players in the world and he will complete our very young and talented group of attacking players.
He will bring his ambition, drive and personality, qualities that make a Manchester United player and a player that makes the team stronger and the supporters proud of their club dimension and prestige.
Meanwhile, Arsenal announced that Armenian midfielder Mkhitaryan had completed his move to London on a three-and-a-half year deal with a story on the club's website quoting him as saying: "I’m very happy that we could finish this deal and I’m very happy to be here.
It’s a dream come true because I’ve always dreamed of playing for Arsenal. Now that I’m here, I’ll do my best for this club to create history.
Manager Arsene Wenger added: "Henrikh is a very complete player. He creates chances, he defends well, he can absorb distances and he’s very committed as well. I must say he’s a player who has all the attributes.”
His former coach Mourinho also paid tribute to his contribution, saying: "I would like to wish Henrikh all the success and happiness that I am sure he is going to get. He is a player that we will not forget, especially for his contribution to our Europa League victory.”
Mkhitaryan, 29, has played 63 times for United after arriving from Borussia Dortmund in 2016, scoring 13 goals, although he has recently struggled for game time under Jose Mourinho.