Bayern Munich have signed Yann Sommer from Borussia Moenchengladbach as a replacement for injured goalkeeper Manuel Neuer, the German champions confirmed on Thursday.
Sommer's contract at Bayern will run until the summer of 2025, one year longer than Neuer's current deal, which expires in 2024.
The 36-year-old Neuer was ruled out for the remainder of the season after breaking his leg in a skiing accident in December.
Sommer said he was "very excited about the new challenge at FC Bayern".
"We have some big challenges ahead of us. I’m hugely looking forward to starting here with my new teammates, and to everything that is to come.
"I want to thank Borussia Moenchengladbach for eight-and-a-half wonderful years and for enabling this transfer," the 80-time Swiss international commented.
Bayern sporting director Hasan Salihamidzic said the club "had to react after losing Manuel".
"We have big goals this season that we want to achieve, and that’s why we’ve recruited Yann Sommer, who we regard as one of the best European goalkeepers.
"(Sommer) fits into our team very well with his ambition and his character."
German tabloid Bild reported 'Gladbach would receive a transfer fee of eight million euros, plus 1.5 million in add ons contingent on Bayern winning the Bundesliga, German Cup and Champions League.
Sommer arrived in Munich late on Wednesday and underwent a medical on Thursday morning. He was then seen training in Bayern colours alongside the rest of the team before the club made the official announcement.
Frustrated by their failure to recall Alexander Nuebel from his loan at Ligue 1 club Monaco, Bayern signalled their intention to sign Sommer after Neuer's injury.
Sommer, who played 272 league matches for Gladbach since joining from Swiss side Basel in 2014, is widely regarded as one of Europe's best goalkeepers.
He made a Bundesliga record 19 saves in his side's 1-1 draw with Bayern last August.
Gladbach acted quickly to cover Sommer's exit, recruiting Jonas Omlin from Ligue 1 side Montpellier.
Omlin, 29, has been signed until 30 June 2027.
"We believe we have found a very good solution by signing Jonas Omlin. He is a very reliable goalkeeper who exudes confidence, is strong on his line and is good with the ball at his feet" Gladbach sporting director Roland Virkus said in a statement.
Bayern, who sit four points clear at the top of the Bundesliga, resume their season on Friday away at third-placed RB Leipzig with Sommer in line to make his debut.