Manchester United have agreed a five-year contract with David De Gea, who joins the Premier League champions for around £17 million.
The Spanish goalkeeper moves from Atletico Madrid, and becomes United's third major signing of the summer.
Sir Alex Ferguson has already landed Phil Jones and Ashley Young, and De Gea's arrival pushes his spending to the £50m mark.
"I feel very proud and I can’t wait to start playing here," said De Gea. "When a club the size of Manchester United comes in for you it obviously makes you very, very happy.
"I saw their interest as an extra motivation to work even harder to show off my ability. It’s a great privilege to be part of a club like United and I'm keen to do my best and show what I can do."
The 20-year-old, who passed a medical earlier this week, faces the challenge of replacing recently-retired Dutchman Edwin van der Sar.
De Gea, who came through the youth ranks at Atletico before making his La Liga debut in 2009, arrives at Old Trafford fresh from helping Spain to win the Euro Under-21 championship in Denmark last week.
Ferguson, who has spoken previously of the desire to sign an adequate replacement for Van der Sar in good time, targeted one of the continent's best young goalkeeping talents in De Gea.
When Danish goalkeeper Peter Schmeichel quit Old Trafford in 1999 the club struggled for six years to sign someone of a similar calibre, eventually settling on Van der Sar having passed up the chance to snap him up from Ajax years earlier.
Knowing the Dutchman planned to retire at the end of last season, when United won a record 19th English league title, Ferguson learnt from past mistakes and had already begun preparing for his top keeper's departure.
He signed 27-year-old Dane Anders Lindegaard last November and De Gea will now compete with him and Van der Sar's previous deputy Tomasz Kuszscak for the number one spot between the posts.
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