Fulham have signed Emile Smith Rowe from Arsenal in a deal reported to be worth 34 million ($43.7m), a fee which makes him the most expensive signing in the club's history.

Smith-Rowe, 24, becomes Fulham's second permanent transfer of the summer as they look to reinvest the money made from João Palhinha's move to Bayern Munich, after Ryan Sessegnon rejoined the club on a free transfer in July.

"I'm finally here, so I'm really happy for me and my family -- it's a good moment," Smith Rowe said of the transfer.

"I'm really excited, I just wanted to get here as quickly as possible so I could get going with my teammates.

"Listening to the project, speaking to the manager, and seeing what players we have here already, I think it's an exciting project for me, and definitely the perfect step for my career going forward."

The attacking midfielder made his Arsenal debut in the Europa League against Vorskla Poltava in September 2018 after coming through the club's academy, establishing himself in the first team in 2020 after loans to Huddersfield and RB Leipzig.

In all he made 115 appearances for the north London team, scoring 18 goals and providing 13 assists.

Tony Khan, Fulham's sporting director, said: "I'm thrilled to announce the arrival of Emile Smith Rowe to Fulham Football Club!

"We're very excited to sign such a talented young player, and we look forward to Emile joining the squad in Portugal as we continue to prepare for the new season ahead!"

Fulham begin their Premier League season with a trip to Old Trafford to play Manchester United on Aug. 16.

Information from ESPN's James Olley contributed to this report.