Juventus have successfully completed the transfer of Alvaro Morata from Real Madrid in the ongoing transfer window.

The 21-year-old had arrived on Friday night to undergo a medical the following day and completed the remaining formalities for joining the reigning Serie A champions.

The striker penned a five-year contract with the Bianconeri after they agreed to pay €20m (15.8m) to the Spanish giants for his services. The agreement also gives Los Blancos the option to re-sign their academy product after two or three seasons for a maximum of €30m.

The statement on Juventus' official website read, "Juventus Football Club can today announce that Alvaro Morata has signed a five-year contract with the club after a fee of € 20 million, to be paid over three years, was agreed with Real Madrid.

"The deal includes the option for Real Madrid to reacquire the player's registration rights at the end of the 2015/16 or 2016/17 campaigns, at predetermined values, up to a maximum of €30 million. These values will be based on the number of matches played by Morata in the relevant season."

Morata had been a long-term target for Arsenal but a loan move failed to materialise in January. The Spanish U21 international was looking to leave Santiago Bernabeu in search of regular first team opportunities. He will be lining up alongside his compatriot Fernando Llorente in attack for Massimiliano Allegri's side.

"I've wanted to come to Juventus for a long time. The club has always shown plenty of interest in me and I'm happy to be here. I want to work hard for the best Italian team. Serie A is a tough league, one of the most important in the world, but I feel ready to tackle it," Morata told the reporters.

"I've already spoken to Allegri and I'm itching to get started on the training ground. It's going to be magnificent to be able to play with the world class talents in this team and the competition for places is something that will push me to demand even more of myself.

"I know there's the possibility to return to Real, but for now I just want to get my head down, enjoy this experience and contribute to new successes," he concluded.

At the Turin club, Morata will be wearing the number nine jersey, which was vacated by Mirko Vucinic, who left Italy to join Abu Dhabi's Al Jazira earlier this month. Juventus CEO, Giuseppe Marotta, heaped praise on their latest signing.

"Morata is one of the finest young talents in European and World football. He's already got an impressive list of honours and has been able to taste the recent success enjoyed by Real, acquiring a winning mentality in the process," Marotta explained.

"It was a long and drawn-out affair, due to Real wanting to keep hold of him and the fierce competition we faced for his signature. His desire to wear the black and white stripes was crucial for us," he said.