Record transfer fee for both Premier League side Arsenal and Ligue 1 club Lyon.
Transfer news: Arsenal sign striker Alexandre Lacazette from Lyon on 'long-term contract'
Arsenal have completed the signing of France striker Alexandre Lacazette from Lyon.
Lacazette netted 37 goals in all competitions last season and becomes the Gunners' second major summer addition following the arrival of left-back Sead Kolasinac on a free transfer from Schalke.
The fee was not disclosed in Wednesday's announcement, which was made via a series of video posts on Arsenal's official Twitter feed shortly after 5pm.
Lyon president Jean-Michel Aulas, though, had said it would be close to €50 million (Dh208m), which would surpass the £42.4m the north London club paid to Real Madrid for Mesut Ozil in 2013.
In the short video clip posted on Arsenal's Twitter feed, Lacazette said: "It is me - Laca new signing."
Arsenal confirmed Lacazette had signed on a "long-term contract, for an undisclosed fee".
A statement on the club website added: "He is expected to travel with the tour party to Sydney this weekend and is likely to make his home debut in the Emirates Cup on July 29 or July 30.
"The deal is subject to the completion of regulatory processes."
Gunners manager Arsene Wenger is convinced Lacazette has all the qualities needed to spearhead a sustained assault on the Premier League next season, with his side having failed to finish in the top four last season despite going on to win the FA Cup.
"We are very happy to have Alexandre join our group. He has shown over a number of years that he can score goals and that he is a very efficient finisher. As well, he has very interesting technical qualities and a strong character," Wenger said on the club's official website.
"He is a guy who is a great addition for us, and someone who will help us challenge at the top level this season."
The arrival of Lacazette may have bolstered the Gunners attack, but it also casts doubt over the future of fellow France international Olivier Giroud, who has been linked with a £20m (Dh94.8m) move to either Everton or West Ham United.
Arsenal also are looking to tie down key men Alexis Sanchez and Ozil, both of whom have just one year left on their current deal.
Sanchez has been linked with Manchester City, Chelsea and Bayern Munich.
Speaking at the Confederations Cup, the Chile forward said he knew what his future had in store, but declined to reveal what it entailed.
Ozil also has just 12 months left on his existing deal but posted a training picture on Twitter on Tuesday with the caption: ''Holiday is over and I'm back at @Arsenal training ground with fully charged batteries #YaGunnersYa''
The German World Cup winner followed that up with another post on Wednesday, pictured smiling alongside England striker Danny Welbeck and forward Lucas Perez, who is expected to be allowed to leave the club in the transfer window having failed to establish himself as a first-team regular after joining from Deportivo last summer.