Colombia striker Jackson Martinez has confirmed he will join Atletico Madrid from Porto.
Arsenal had been linked with Martinez, but he told reporters on Friday that his move to the La Liga side was "done".
The 28-year-old was speaking after Colombia lost on penalties to Argentina in the Copa America quarter-finals.
"I'm really excited about this move to Atletico Madrid," said Martinez, who played 74 minutes in the defeat.
Martinez moved to Porto in 2012, scoring 67 goals in 90 games and finishing as the Primeira Liga's top scorer in each of his three seasons.
He will replace Mario Mandzukic in Diego Simeone's side after the Croatia striker joined Juventus.
In turn, Mandzukic will fill the boots of Argentina striker Carlos Tevez, who has left the Serie A champions to return home to Boca Juniors, his first senior club.