Deportivo La Coruna have finally completed a deal to bring Lucas Perez back to the club, with the player joining on a season-long loan from Arsenal, while the Gunners have also loaned out Joel Campbell to Real Betis.
Perez had hoped to rejoin on a permanent basis, but the two clubs were unable to agree a fee. His agent had told Spanish media that the Gunners had rejected a €12 million offer earlier in August.
Perez wanted to leave after making just two Premier League starts for Arsenal since he joined last summer in a £17m deal.
"Lucas Perez has rejoined Spanish side Deportivo de La Coruna on loan for the 2017-18 season," a statement from Arsenal read. "Lucas returns to Deportivo, where he enjoyed a prolific campaign in 2015-16, equalling a club record for goals scored in successive games.
"The 28 year-old has netted a total of seven times for the club in 21 appearances to date. We all wish Lucas well for his time with Deportivo this coming season."
Depor added: "Lucas Perez will play at RC Deportivo on loan this season with no purchase option. The striker will arrive to A Coruna airport tonight at 23:30 p.m.
"Deportivo wishes to thank the Arsenal FC executives that worked with their Deportivo counterparts during the last days in order to achieve that Lucas returned to wear the white and blue jersey this season."
Deportivo had made Perez, a key player for them in the 2015-16 season when he scored 17 goals and set up eight more in 35 starts, their top transfer priority this window.
Meanwhile, Arsenal have also loaned out Campbell to Betis for the season -- his sixth loan since joining the Gunners.
The Costa Rica international enjoyed a successful loan spell with the La Liga club in the 2012-13 campaign, making 28 appearances and scoring two goals, and will be hoping to make an impact there again.
"Real Betis Balompie and Arsenal FC have reached an agreement for the loan of Joel Campbell, who returns to the green-and-white club," a Betis statement read. "The Costa Rican winger arrives and will play in Real Betis for the 2017-2018 season."
Campbell wrote on Twitter: "Happy and blessed by this new challenge. It's nice to be back. I will give 100 percent for the T-shirt!"
Campbell, who joined Arsenal in 2011, has also spent loan spells at Lorient, Olympiakos, Villarreal, Sporting Lisbon.
Information from Adriana Garcia was used in this report