Swansea have completed the £2m signing of Rayo Vallecano midfielder Michu.
The 26-year-old, who scored 15 goals in the Primera Division last season, came through his medical on Thursday and has put pen to paper on a three-year deal subject to international clearance.
He becomes manager Michael Laudrup's third summer signing following the arrivals of defender Chico Flores and midfielder Jonathan de Guzman.
Laudrup believes capturing a player, who had attracted the attentions of Manchester United, Liverpool, Sevilla and Valencia, for such a low fee represents great business for Swansea.
He said: "It's a fantastic signing. We are talking about a player who scored 15 goals in the Spanish league last year for a small club, who were saved by the bell in the last minute of the last game to avoid relegation.
"He was a big difference for them with his goals.
"We lost (Gylfi) Sigurdsson, who played in that position for half a season, so to sign a player like Michu is fantastic for us when you look at the price and quality of the player.
"It is a bargain.
"When you see the big newspapers in Spain and people commentating on how we can sign a player like that for such a small amount of money, then the Spanish economy must be really bad.
"It's a very difficult moment for clubs in Spain in general and this signing shows that."
Unlike De Guzman and Flores, Michu has not previously worked with Laudrup, but said the chance to be coached by the Dane was too good to turn down.
He said: "I had other offers, but I really wanted to come to Swansea because of the coach, the style of play and the Premier League.
"I've always followed the Premier League from Spain and I watched a lot of Swansea games last season. They played good football and I liked their style.
"I also know how Michael Laudrup's teams play, so I'm looking forward to being part of that. The coach (Laudrup) was fundamental to me joining Swansea. I remember watching him as a player - he was a machine."
Laudrup added: "I am happy that the player wanted to come here because I was here. I have never worked with him and I haven't paid him!
"He has had a press conference in Madrid to say goodbye to Rayo Vallecano and he should join us for the tour to the USA."
Swansea will hope Michu's knack of scoring goals from midfield will help fill the space vacated by Sigurdsson's decision to join Tottenham rather than complete a permanent switch to the Liberty Stadium.
With the Spaniard being linked with a host of big name clubs, both in Britain and on the continent, the Swans moved quickly to get their man for a fee that comes in a long way below the reported release clause of around £3.1million in Michu's contract.
The Welsh club head out on their three-match tour of the United States on Sunday, following Saturday's friendly against Port Talbot, which will see midfielder Kemy Agustien return to action after an ankle injury.