Atletico Madrid have secured the signature of Arsenal young gun Fran Merida.

The 20-year has signed a five-year deal with the Spanish club which has delighted president Enrique Cerezo.

"He is a magnificent young player with a fine future," he said.

"This transfer hasn't always been easy, but he has always been interested in our project and has now made the next step by leaving Arsenal."

Merida joined the Gunners in 2007 after spending two years in the youth academy after a stint with Barcelona's youth team. He was loaned out to Real Sociedad in 2008.