Tottenham have signed winger Bryan Gil from Sevilla, with Erik Lamela joining the Spanish side in a swap-plus-cash deal.
Spurs will also pay Sevilla £21.6m for Gil, according to Sky in Italy.
The 20-year-old has signed a five-year contract at Spurs, while Lamela has joined Sevilla on a three-year deal.
- Transfer Centre - LIVE!
- Tottenham fixtures 2021/22: Spurs begin at home to Man City
- Son signs new four-year Spurs deal
Gil, who has three caps for Spain but was not included in their Euro 2020 squad, spent last season on loan at Eibar, where he scored four goals and registered three assists as the club were relegated from La Liga.
He is part of Spain's squad at the Tokyo Olympics and started in their 1-0 win over Australia on Sunday.
Subject to international clearance, Gil, who is a friend of Spurs left-back Sergio Reguilon, will join up with his new team at the conclusion of the Games.
After coming through the youth system at Sevilla, Gil made 21 appearances for the Andalusian side in all competitions with his only goal coming in the Europa League in November 2019.
He also enjoyed a loan spell at Leganes in the second half of the 2019/20 season.
Lamela's departure ends his eight-year spell with Spurs, who signed him from Roma in August 2013 for a then club-record fee of £30m.
He was one of a number of players signed by the club with the money raised from the sale of Gareth Bale to Real Madrid.
Lamela, who struggled with injuries throughout his Spurs career, made 257 appearances in all competitions, scoring 37 goals.
The Argentina international contributed four goals and one assist in 35 games in all competitions for Tottenham last season, including the Premier League Goal of the Season for his spectacular Rabona in the north London derby.
The goal against Arsenal was not the first time he had scored a Rabona for Spurs having pulled off the skill in a Europa League win over Asteras Tripolis at White Hart Lane in October 2014.
'This deal suits everyone'
Spanish football expert Terry Gibson told Sky Sports News: "He was one of the most talked about players in La Liga last season and one of my favourite players.
"He was playing in a team that was struggling in Eibar, who finished bottom of the league, but this young player on loan from Sevilla was making a fantastic impression.
"He is a player people will enjoy watching, he's an old-fashioned winger. Great at dribbling, great first touch, good passer of the ball.
"I am absolutely delighted Spurs have managed to sign him."
Erik Lamela goes in the other direction and Gibson said: "I think Tottenham supporters appreciated what he did for them while he was at the club.
"One of the reasons Sevilla have allowed Bryan Gil to leave is they have an abundance of really good wide attacking players, so it is difficult to see where Lamela is going to fit in straight away, hence the reason I think Sevilla were content to allow Gil to leave.
"It is good money for the club and means they can keep one or two of their more established players.
"[France international defender] Jules Kounde is a player a lot of clubs around Europe want to sign - but I think Sevilla are going to do their utmost to try and keep him.
"I think it's a deal that suits everyone - Lamela is going to a fantastic club, who play a really good style, and Tottenham have got a young player in Bryan Gil, so it's going to be exciting."
Spurs step up Romero pursuit after signing Gollini
The swap-plus-cash deal comes after Tottenham signed Atalanta goalkeeper Pierluigi Gollini on a season-long loan, with the option to make it a permanent deal.
The Italian became Spurs' first signing of the summer under new head coach Nuno Espirito Santo and is expected to challenge Hugo Lloris for the No 1 spot.
Spurs have an option to buy Gollini on a permanent deal for £13m if he plays a certain number of games in the upcoming season, according to Sky in Italy.
The north Londoners have also stepped up talks with Atalanta over a deal for centre-back Cristian Romero.
Spurs have made an offer of at least £34m (€40m) plus £8.5m (€10) in bonuses - but he is not their only centre-back target and the club will not overpay for the Argentine.
Personal terms with the player are not expected to be a problem if a deal is agreed between the clubs, however, with Spurs ready to give Romero a five-year deal plus an option of a sixth