Town have confirmed the signing of Como striker Iván Azón on a season-long loan.
News of the Blues’ interest in the former Spain U21 international first emerged a month ago, a proposed loan move to Valencia having stalled.
A fortnight ago, the 22-year-old travelled to Suffolk to undergo a medical at Portman Road with the deal, which at that stage was a loan with an obligation to buy for a reported €10-€12 million (£8.6 million-£10.3 million) should Town win promotion this season, looking set to go through.
However, it broke down and looked dead in the water until news that the Blues had renewed their interest emerged earlier today with new terms, a straight season-long loan, quickly agreed.
In addition to Valencia, Getafe and an unnamed Bundesliga side were also reported to have shown interest in Azón.
"It feels amazing to join the club,” Azón told the club site. "I feel proud and grateful to be here in Ipswich. It’s a big club with a really big history and I want to work hard and help the team, making the fans proud.
"I have had some great conversations with the manager, Kieran McKenna, who has given me the confidence to give my best every day.
"Ipswich is a club with a lot of history and very passionate fans, which I can’t wait to experience.
"I am a striker who is strong and quick and will give everything for the team. I can’t wait to wear the shirt and play in front of the supporters.”
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Zaragoza-born Azón, who is 5ft 11in tall, started his career with his hometown club Real Zaragoza before moving to Como in January for €2 million (£1.7 million) plus a further €500,000 (£435,000).
He is still to make a competitive debut for Como, in part due to injury last season, but featured regularly throughout pre-season, scoring four times. Azón was an unused sub in the 2-0 home victory over Lazio in the opening Serie A game on Sunday.
For Real Zaragoza, he scored 27 goals in 150 appearances, also picking up nine assists.
Azón, who is nicknamed El Tiburón, The Shark, is the fourth Spaniard to represent the Blues following Pablo Couñago, Ivan Campo and Sito.
The addition of Azón, the second signing of the evening, takes the number of players qualifying for the 25-man squad to 29.
Town are also closing in on the signing of Norwich City midfielder Marcelino Nunez on a permanent basis, a £7.5 million fee plus £2.5 million in add-ons having been agreed yesterday.
The Blues are also continuing discussions with FC Nordsjælland regarding the signing of 19-year-old Norwegian international forward Sindre Walle Egeli.