In a statement published on the club's website, Barcelona announced Denis Suarez would join Arsenal on loan for the remainder of the 2018/19 season.
The Nou Camp giants also confirmed that Suarez had signed a new contract set to keep him at the five time Champions League winners until at least 2021.
Despite that extension, the deal includes an option for Arsenal to convert Suarez' loan into a permanent deal at the end of the season.
The Gunners pursuit of Suarez was thought to have hit stumbling blocks earlier in the week, and with defensive injuries mounting at the Emirates, there was no guarantee that a deal would be done for the 25-year-old Spanish midfielder.
A statement on the website announcing the departure said: “FC Barcelona have also agreed a loan deal for Suárez with Arsenal for the remainder of the 2018/19 season. The Premier League club will pay the player’s salary during this time and the agreement includes an option to buy.”
Arsenal confirmed the singing on Deadline day with a tweet saying "Finally, the notification you’ve all been waiting for Welcome to Arsenal, @DenisSuarez6 #HolaDenis