Fulham have signed England midfielder Emile Smith Rowe from Premier League rivals Arsenal on a five-year contract, it was announced on Friday.

No fee has been revealed for the deal, which will keep Smith Rowe at Craven Cottage until the summer of 2029, with the club having the option to extend for a further 12 months. But the BBC estimates the total cost of Smith Rowe’s move from north to south-west London could be worth £27m (€32m), plus £7m in add-ons, for a total of £34m for the Fulham transfer.

The 24-year-old joined Arsenal’s academy aged 10 and has progressed through the ranks to make 115 appearances for the Gunners in all competitions. But he struggled for game time last season as Arsenal finished second behind Premier League champions Manchester City. Smith Rowe decided to leave the Emirates to save the rest of his career.

Smith Rowe is delighted to be moving to Fulham: “I’m finally here, so I’m really happy for me and my family – it’s a great moment,” he told FFCtv. “I’m really excited, I just wanted to get here as quickly as possible and get on with my team-mates.”

Fulham finished 13th in the Premier League last season but Smith Rowe added: “Listening to the project, speaking to the manager Marco Silva and seeing what players Fulham have got here, I think it’s an exciting project for me and definitely the perfect step for my career going forward.”

Arsenal manager Mikel Arteta praised Smith Rowe’s attitude, telling the Gunners’ website: “I’m sad that Emile is leaving us but delighted that he’s taking this new opportunity at this stage of his career when he needs to be starting and playing regularly.”