Chelsea have signed Olivier Giroud from Arsenal, with Michy Batshuayi leaving Stamford Bridge to join Borussia Dortmund on loan.
The Blues announced the arrival of France striker Giroud on an 18-month-contract and Batshuayi's departure until the end of the season.
Giroud said on the Chelsea website: "Chelsea is one of the biggest teams in the Premier League. They have won maybe the most trophies in the last six or seven years. It's a massive club and I am proud to sign for Chelsea, and I'm looking forward to playing."
Chelsea Football Club has today completed the signing of Olivier Giroud from Arsenal.
— Chelsea FC (@ChelseaFC) January 31, 2018
Full story 👉 https://t.co/XDqSwzsZmO#GiroudIsBlue pic.twitter.com/5d1sRuBNrB
Meanwhile, Gabon striker Pierre-Emerick Aubameyang has completed his move to Arsenal from Borussia Dortmund on a long-term contract for a club-record fee.
The Gunners announced the 28-year-old has signed a "long-term contact" at the Emirates Stadium.
The Gabon international, who scored 98 goals in 144 Bundesliga games for Dortmund, is a replacement for Alexis Sanchez following the Chilean's move to Manchester United.
I spent five and a half amazing years within the arsenal family. This beautiful story ends today. Thank you for your warm welcome. I would like to especially thank the fans for their unconditional support upon my arrival #nananana #ThankYou pic.twitter.com/GofNGAi3pW
— Olivier Giroud (@_OlivierGiroud_) January 31, 2018
Neither club confirmed the fee, but reports claimed Arsenal have paid around £60m for Aubameyang, whose arrival follows that of Henrikh Mkhitaryan from Manchester United.
His signing is a welcome boost for boss Arsene Wenger, who saw his side's hopes of a top-four finish in the Premier League suffer a setback with a 3-1 loss at struggling Swansea on Tuesday night.
It could also pave the way for the departure of Olivier Giroud, who has been linked with a move to Chelsea.
Tensions between Aubameyang and Dortmund had grown in recent weeks, but the German side's sporting director Michael Zorc said on the club website: "He has done great things for Borussia Dortmund, scored many important goals and is part of the team that brought the DFB-Pokal to Dortmund in 2017. We wish Pierre-Emerick all the best for his future at Arsenal."