Swansea City have announced the signing of Rayo Vallecano midfielder Michu following weeks of discussions.

The Welsh outfit were expected to wrap up the deal following reports that the 26-year-old had undergone a medical yesterday.

"It's a fantastic signing," said Laudrup. "We are talking about a player who scored 15 goals in the Spanish league last year for a small club, who were saved by the bell in the last minute of the last game to avoid relegation.

"He was a big difference for them with his goals. We lost [Gylfi] Sigurdsson, who played in that position for half a season, so to sign a player like Michu is fantastic for us when you look at the price and quality of the player. It is a bargain."

It is understood that Swansea agreed a fee of £2m for the playmaker, who has signed a three-year contract.