The 29-year-old Spaniard forced through a late deadline day switch to the Gunners after it appeared a £10million move had fallen through.

Arteta is reported to have taken a pay-cut to agree a four-year deal at the Emirates Stadium, which after last week's play-off win over Udinese will see top-flight European competition once again.

"It is a big challenge, a different challenge, fresh for me and I want to see myself on the biggest stage, the Champions League," he said.

"I am 29 years old, so I haven't got much time left to take a chance like this one."

Arteta paid tribute to the support of Everton and former boss David Moyes during his six-and-a half years on Merseyside.

"I always try hard, I have been as professional as I could," he added on evertontv.

"I was grateful for the support and the love that the club and the fans showed me. It is very difficult to say goodbye."

Although Everton were not able to reinvest Arteta's fee, the Toffees did bring in Real Madrid's Royston Drenthe and young Argentinian striker Denis Stracqualursi on season-long loans.

Dutchman Drenthe is confident he can make an impact in the Barclays Premier League.

The 24-year-old winger, who spent last season on loan at Hercules, said: "I think that my qualities are English qualities, the way I play football.

"I have technique and I like to work hard. I think this competition is perfect for me."

Just across Stanley Park, Craig Bellamy completed a surprise return to Liverpool on a free transfer from Manchester City.

The Wales international, 32, signed a two-year contract late last night with the club he left four years ago after just 12 months, and cannot wait to link up with boy-hood hero Kenny Dalglish.

"I've grown up with Kenny Dalglish, now to be signed by him is a massive honour," said Bellamy, who spent last season on loan with npower Championship side Cardiff after being frozen out by City boss Roberto Mancini.

"This is an exciting time. When Kenny took over, watching as a fan last season I got the buzz as well and it was great to see Liverpool end the season well."

Bellamy told liverpoolfc.tv: "I get this opportunity again for Liverpool fans to hopefully see a real good side of me on a playing level.

"I know what I have to do to play in this team, so this should be a good time."

Wigan new boy Shaun Maloney admits the lure of the Premier League was his chief reason for ending his long association with Celtic.

The 28-year-old Scotland forward said on wiganlatics.co.uk: "I spoke to the manager [Roberto Martinez] a couple of days ago and that started to be the reason why, over the last couple of days, I thought this would be something that excites me. I can't wait to get started."

Blackburn, meanwhile, have confirmed the signing of Everton forward Ayegbeni Yakubu, who has joined for an undisclosed fee on a three-year contract.

Rovers are also awaiting confirmation that the paperwork on a deal for Sheffield United's Jordan Slew, who has agreed a four-year deal and have cancelled the contract of El Hadji Diouf.

Manager Steve Kean added highly-rated centre-back Scott Dann from Birmingham, while fending off any interest in Chris Samba and Steven Nzonzi.

"It is credit to the players and the club that some of the biggest names out there are supposedly interested in our players," he said.

"We now have our group who will take us forward and I am delighted the window has closed and with the business we have done."

Fulham today confirmed the signing of Swedish striker Muamer Tankovic on a three-year deal, adding to their £10.6m signing of Costa Rica forward Bryan Ruiz from FC Twente and QPR's loan swoop for Southampton frontman Jason Puncheon has been ratified.