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Atlético Madrid have agreed terms with Torino over the signing of Arsenal target Alessio Cerci, the Spanish club have confirmed.

Arsenal had been linked with the Italian forward in recent days after Arsene Wenger confirmed last week that Olivier Giroud will miss the next four months with a broken leg – leaving Yaya Sanogo as the only consistent number nine in the squad.

Spanish reports last week claimed Cerci's agent was in London discussing a potential move to the Emirates Stadium but the La Liga champions have finally won the race to sign the Italian forward after agreeing to pay around £15m to secure his services.

"Atlético de Madrid and Torino FC have reached an agreement for the transfer of Alessio Cerci to our club, pending the corresponding medical examination and the subsequent signing of the player's contract. The Italian international would commit for the next three seasons," confirmed Atlético on the club's official website.

Sporting director José Luis Pérez Caminero added: "The agreement reached with Torino for the transfer of Cerci is a joy for all. It was a clear goal to finish strengthening our workforce to face all the challenges we have ahead of us this season. We consider him key to our team. He'll bring us penetration, speed, goals... It will allow us to have more alternatives in our offensive game."

The 27-year-old, who can play both as a winger and up front, had an excellent campaign at the Serie A last season, scoring 13 goals and earning a spot in the Italy World Cup squad.

Meanwhile, when questioned whether he expected a new striker before the end of the transfer window, Wenger said: "We are very active - we are working hard to find a solution. Nobody can predict what will happen in the next 24 hours."