Arsenal has agreed to trade Aaron Ramsdale to Southampton and will now proceed with negotiations with Espanyol for custodian Joan Garcia.
Ramsdale will cost £18 million, with an additional £1 million if the Saints win, and an additional £6 million in performance-based bonuses.
Ramsdale has been told by Arsenal that he is free to depart if the Gunners get a good offer for him.
Following the collapse of a move for Feyenoord custodian Justin Bijlow, Southampton turned their attention to Ramsdale.
Below was ready to join Southampton, but a medical issue prevented the transfer from going through.
With his last game for the team coming against Brentford in March, Ramsdale has lost ground behind David Raya in the Arsenal hierarchy.
Ramsdale, an international player for England, joined Arsenal in 2021 and has made 89 appearances for the team.
He was formerly a player for Bournemouth and Sheffield United.