Former France international Alexandre Lacazette returned to Ligue 1 side Lyon on a free transfer five years after he joined Arsenal for a then club record fee of £46.5 million ($58 million).
The 31-year-old striker underwent a medical on Wednesday before signing a three year contract with the club where he made his name after coming through the youth system.
Lyon said in a statement Lacazette's return had been a priority for several months so as to "infuse a new dynamic" into the team which finished a disappointing eighth in last season's championship.
Lacazette -- capped 16 times from 2013 to 2017 -- scored 129 goals in 275 matches in his previous spell at Lyon before Arsenal came calling in 2017 when Arsene Wenger was still in charge.
The deal -- up to £52.6m with add-ons -- surpassed the £42.4m Arsenal paid Real Madrid for Mesut Ozil in 2013.
He went on to score 71 goals in 206 appearances for the Gunners winning the FA Cup in 2017 and was a member of the side that lost in the 2019 Europa League final.
He was handed the captaincy last season after Pierre-Emerick Aubameyang -- who has since joined Barcelona -- was stripped of it due to a disciplinary breach.