Arsenal have reached an agreement to sign Brazilian striker Neymar from Santos.

Neymar, 19, who was a former target for Premier League rivals Chelsea, will cost the Gunners between £35m and £40m.

Arsenal manager Arsene Wenger said: "He will add true quality to our attacking forces and will be a valuable addition to the squad."

The Brazilian had been close to signing for English side Chelsea until Arsenal's late bid.

The deal for the former Brazilian Young Footballer of the Year is subject to the completion of formal registration processes.

Neymar, who is set to wear the number 9 shirt, said: "I am very honoured and I feel very happy to be at Arsenal.

"It is a dream to be here and I am really proud to be an Arsenal player.

"Now I just want to show how good I am and prove myself.

"In my opinion this is a great club, now I have to show what I can do on the pitch.

"I will do my best, I will never give up, I will show heart, I will give everything and I hope [the fans] will support me."