Forward becomes Arsenal's third capture of the summer.
Arsenal have confirmed the signing of striker Lucas Perez from Deportivo La Coruña for an undisclosed figure, although most news outlets are reporting the fee to be around £17m.
Perez arrives against a backdrop of close-season discontent among Arsenal fans, many of whom have criticised manager Arsene Wenger for his reluctance to loosen the purse strings.
After a peripatetic career which has seen him play in Ukraine and Greece, Lucas enjoyed a breakthrough season in 2016-17, scoring 19 goals in all competitions for Deportivo La Coruna, including 17 in La Liga. His form attracted the attention of a number of clubs, with Everton reported to have agreed terms with the 27-year-old, before Arsenal and the lure of Champions League football emerged to seal the deal.
Arsène Wenger said: “He’s not only a goalscorer, he’s a guy who combines well with partners, who can give a final ball and makes good runs. He’s got a good eye for goal and had an outstanding season last year.”
He began his career with Atlético Madrid C and then moved to Rayo Vallecano before spells with Ukraine’s Karpaty Lviv and PAOK in Greece. He joined Deportivo in 2014, initially on loan.
Lucas becomes Wenger’s third summer signing – after midfielder Granit Xhaka from Borussia Monchengladbach and Rob Holding from Bolton – but more could follow.
Valencia’s Germany defender Shkodran Mustafi remains a target and a £30m deal is in the offing.