England left back Ashley Cole moved from Arsenal to Chelsea with French defender William Gallas going in the opposite direction on Thursday, ending one of English soccer's most protracted transfer sagas.
The Premier League champions will pay Arsenal 5 million pounds and give them Gallas in return for Cole.
"Chelsea and Arsenal have agreed terms for the transfers of Ashley Cole and William Gallas," the clubs said in a joint statement.
"Chelsea will also pay Arsenal 5 million pounds. Both players have agreed personal terms and passed their respective medicals."
The move, first mooted as long ago as January 2005 when Cole secretly met Chelsea representatives, was completed just minutes before the close of the transfer window.
The 25-year-old Cole, who joined Arsenal as a trainee in 1998, will link up with his new club after returning from duty with England, who play Euro 2008 qualifiers against Andorra and Macedonia over the next six days.
Cole's great pace, aggressive tackling and neat distribution made him a fixture in the Arsenal back line and he played over 200 games for the north London club.
He has won 51 international caps and replaces Asier del Horno in Jose Mourinho's squad following the Spanish international's move to Valencia in July.
Gallas, 29, joined Chelsea in 2001 from Olympique Marseille for 6.2 million pounds and was an integral part of the team that won the Premier League title in 2005 and 2006.
The speedy defender, equally at home in central defence or at full back, played in the World Cup final for France in July and will join compatriots Arsene Wenger, the Arsenal manager, and international team mate Thierry Henry at the Emirates Stadium.
Wenger was short of experienced defenders following the departure of England's Sol Campbell and Frenchman Pascal Cygan.
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