Arsenal have sold Emi Martinez to Aston Villa for a reported £16m rising to £20m with add-ons.
The Argentine shone as he kept nine clean sheets in 23 games last season, helping Mikel Arteta's Gunners to win the FA Cup.
The 28-year-old also started in the Community Shield triumph over Liverpool at the start of the 2020/21 campaign.
However, Arteta has made it clear that Bernd Leno is his No1 choice between the sticks with Villa monitoring the former Independiente shot-stopper.
The cash received from Villa is expected to be channelled to a transfer sluch fund intended to strengthen Arteta's squad in other areas such as luring long-term midfield target Thomas Partey.
"We are really pleased with the signing of our new goalkeeper Emiliano Martinez," said Villa head coach Dean Smith, adding: "We know how highly Arsenal rated him and we watched his outstanding performances last season in a trophy-winning top side.
"We moved for Emi when we saw the opportunity, as it is rare to be able to buy a top-class goalkeeper who hasn't yet reached their peak age and who can therefore be a key player for our club for the long term."