Italy defender Riccardo Calafiori has completed his move to Arsenal from Bologna in a deal worth 42 million ($53.9m), the north London club announced on Monday.

Calafiori has signed a five-year contract and joined up with his teammates in Philadelphia as the Gunners continue their preseason tour of the United States. He will wear the No. 33.

Sources have told ESPN that multiple bids were made by other clubs earlier this month, with Juventus among the sides showing serious interest, but Calafiori's preference was always to join Arsenal following talks with technical director Edu and manager Mikel Arteta.

The 22-year-old was a key figure for Bologna last season as they secured Champions League qualification for the first time in 60 years.

"It has been a great team effort in completing this transfer and we welcome Riccardo to the family," Edu said.

"We identified Riccardo as part of our strategy to sign players who fit our profile and will reinforce our squad to compete at the highest level. He is 22 but brings quality and experience. He will quickly grow into being an Arsenal player."

Calafiori's stock grew further at the European Championship in Germany this summer, where he emerged as a rare shining light in an Italy side that were knocked out in the round of 16 by Switzerland. He started in all three group games but was ruled out of the Switzerland clash through suspension.

Calafiori, who began his career at Roma, leaves Bologna after just one season at the club. While primarily deployed at centre-back under Thiago Motta, Calafiori is equally comfortable at left-back. His versatility will bolster an already-strong Arsenal backline that had the best defensive record in the Premier League last season.

Calafiori is the second high-profile exit from Bologna this summer, with striker Joshua Zirkzee joining Manchester United for 36.5 million ($43m) earlier this month.

Arsenal take on Liverpool in a friendly on Wednesday.