West Bromwich Albion have completed the £4.7million signing of midfielder Borja Valero from Real Mallorca.
The 23-year-old playmaker has agreed a four-year contract, plus a further year's option in the club's favour, after passing a medical.
Valero becomes the Baggies' ninth summer signing, taking their close-season spending past the £20m mark.
The transfer is a new club record, eclipsing the £3.5m Albion paid Cardiff for Robert Earnshaw, who joined in August 2004. Albion have been tracking the Madrid-born player's progress for several months and manager Tony Mowbray travelled to Mallorca a fortnight ago to watch him play in a friendly against Newcastle.
Baggies fans got a glimpse of Valero when he impressed as a 59th-minute substitute in Mallorca's 1-1 pre-season draw at The Hawthorns 11 days ago.
Mowbray said: "I'm delighted to welcome Borja to the club. From a footballing point of view, he possesses many of the attributes I like in a player.
"He has got great technical ability and weight of pass, has an excellent work-rate and an eye for a goal. Borja can link up the play from back to front and he will enhance the excellent midfield options we already possess.
"I don't think he will have any problems settling into our team, or playing in the Premier League, although he will obviously need some time to adjust to the English game.
"Bringing in new players is all about raising the quality of the squad and creating competition for places.
"Although we've paid a record fee for Borja, he has still got to earn his place in the team."
Valero signed for Mallorca from Real Madrid last summer and scored four times in 35 La Liga games to help them finish seventh.
Valero came through the ranks at the Bernabeu and played under now-England boss Fabio Capello.
His chances were limited at the Spanish giants but he boasts Champions League experience and played alongside David Beckham in a draw with Dynamo Kiev in December 2006.
The 5ft9in ace also earned nine caps for Spain Under-17s and was part of his country's Under-19s European Championship-winning squad in 2004.