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Bayern Munich signed midfielder Javi Martinez from Athletic Bilbao in the richest transfer in the 50-year history of the Bundesliga.
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The 23-year-old Spanish defensive midfielder cost Bayern 40 million euros ($50 million), breaking the previous transfer record set when Mario Gomez joined Bayern from VfB Stuttgart in 2009.
Gomez's transfer reportedly cost between 30 million and 35 million euros ($37.5 million and ($43.8 million).
Martinez signed a five-year contract, which is set to expire on June 30, 2017.
"I'm very happy and really looking forward to playing for a club with this extraordinary history," he told FCB.tv. "I've had to wait a long time for this, but the waiting is over at last."
Bayern chairman Karl-Heinz Rummenigge said the transfer was "very complicated, because Athletic Bilbao refused to cooperate from the very first day."
Bayern chairman Karl-Heinze Rummenigge, meanwhile, defended the amount of money paid out for Martinez.
"Of course this is a large sum," he said, "but the player plays an indirect part in it by giving up a large chunk of his salary.
Earlier Wednesday, Athletic caused confusion when they said in a statement that they didn't authorize Martinez to travel to Germany on Tuesday to meet with Bayern.
Martinez will be introduced by Bayern at a news conference in Munich on Thursday.
"Bayern are one of the best teams in Europe and throughout the world. There are so many top players here who play fantastic football -- that's a big motivation for me," he said. "And, of course I want to win the title."
Rummenigge said coach Jupp Heynckes would decide whether Martinez plays this weekend against Stuttgart.
"However, he has demonstrated in recent days the fact he is a strong personality, and he has already shown a remarkable affinity with Bayern," Rummenigge said.
Information from Press Association was used in this report.