Manchester United have agreed a season-long loan deal with Radamel Falcao from Monaco.
The move is still subject to a medical and Falcao agreeing personal terms, but the cost of loaning the 28-year-old is believed to be £6 million, which will take United's summer spending up to £150.55m. The club mulled over a move for Paris Saint-Germain's Edinson Cavani earlier this year and concerns over Robin van Persie's fitness have resulted in the deadline day move for Falcao.
Following Falcao's arrival, Javier Hernández will move to Real Madrid on loan and Danny Welbeck could also leave Old Trafford for Tottenham on loan.
Falcao's switch from Monaco to Manchester will enrage Arsenal supporters desperate for a new striker after Olivier Giroud was ruled out until the new year with an ankle injury.
Supporters chanted "sign a fucking striker" at Wenger during the Gunners' 1-1 draw at Leicester City on Sunday as the profligate Yaya Sanogo started up front.
The transfer marks a significant coup for United, who are set to complete the £13.8m transfer of Daley Blind later today.
Before Falcao suffered a knee injury that kept him out of the World Cup earlier this year, he was widely regarded as the best striker in world football. He has scored 104 goals in his last 139 club appearances.
Despite his potency, Falcao has not played in the Champions League since the 2010-11 season for FC Porto.