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Riccardo Calafiori seals transfer to Arsenal from Bologna

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What will Calafiori bring to Arteta's Arsenal? (1:09)

James Olley reacts to Arsenal signing Riccardo Calafiori from Bologna. (1:09)

Italy defender Riccardo Calafiori has completed his move to Arsenal from Bologna in a deal worth £42 million ($53.9m), the north London club announced on Monday.

Calafiori has signed a five-year contract and joined up with his teammates in Philadelphia as the Gunners continue their preseason tour of the United States. He will wear the No. 33.

"It feels amazing -- it was tough until now, but finally we're here and I cannot wait to start to train with the team & play for the fans," Calafiori said of the move.

"I spoke a lot with the coach, with Edu and they convinced me, but I was already convinced by myself. I think it's the best project for myself for the next [few] years."

Sources have told ESPN that multiple bids were made by other clubs earlier this month, with Juventus among the sides showing serious interest, but Calafiori's preference was always to join Arsenal following talks with technical director Edu and manager Mikel Arteta.

"When I spoke to him one or two times and I wasn't sure if we could do it or not," Arteta said on Monday. "He was adamant, 'let me know when you're ready, my bags are packed and I just want to join Arsenal'.

"Those were his words. When you have someone with that willingness and the that passion to join and make us better and that determination, it's really powerful. As a club we should be really proud of that."

The 22-year-old was a key figure for Bologna last season as they secured Champions League qualification for the first time in 60 years.

"It has been a great team effort in completing this transfer and we welcome Riccardo to the family," Edu said.

"We identified Riccardo as part of our strategy to sign players who fit our profile and will reinforce our squad to compete at the highest level. He is 22 but brings quality and experience. He will quickly grow into being an Arsenal player."

Calafiori's stock grew further at the European Championship in Germany this summer, where he emerged as a rare shining light in an Italy side that were knocked out in the round of 16 by Switzerland. He started in all three group games but was ruled out of the Switzerland clash through suspension.

Calafiori, who began his career at Roma, leaves Bologna after just one season at the club. While primarily deployed at centre-back under Thiago Motta, Calafiori is equally comfortable at left-back. His versatility will bolster an already-strong Arsenal backline that had the best defensive record in the Premier League last season.

Calafiori is the second high-profile exit from Bologna this summer, with striker Joshua Zirkzee joining Manchester United for £36.5 million ($43m) earlier this month.

Arsenal take on Liverpool in a friendly on Wednesday.