Swansea City have announced the signing of midfielder Michu from Rayo Vallecano, subject to international clearance.
Michu, 26, has agreed a three-year contract with Swansea, with the transfer fee thought to be around €2 million.
The Spaniard spent one season at Vallecano after joining from Celta Vigo in 2011, impressing as he scored 15 goals in 37 league starts.
New Swans boss Michael Laudrup has already brought in Chico and Jonathan de Guzman for £2 million and on a season-long loan respectively.
Laudrup 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.''