Juventus have announced the signing of Valencia CF’s Portuguese right-back João Cancelo on a five-year contract for a transfer fee of 40.4 million euros ($46.78 million). Also Read - Cristiano Ronaldo to Barcelona Transfer News Latest Update: Juventus Star’s Camp Reacts to Reports of Possible Move to Join Lionel Messi

The 24-year-old on Wednesday underwent medical tests before signing the contract that keeps him with the reigning Italian champions until June 30, 2023, according to the club’s official website. Also Read - Paulo Dybala Transfer News Update: Manchester United, Tottenham Hotspur, Real Madrid Could be Interested in Juventus Star: Report

In the Turin football club’s first team squad, Cancelo replaces Swiss veteran right-back Stephan Lichtsteiner, who left for Arsenal after his contract expired.

Cancelo is not new to the Italian league as he played 26 matches for Inter Milan on loan after a three-season stint with Valencia.

Juventus said in a statement: “Head coach Massimiliano Allegri will have a young and attack minded fullback at his disposal whose tactical flexibility will hopefully prove to be invaluable this coming season and beyond.”

The Portuguese international becomes Juventus’ third signing of the summer, following German midfielder Emre Can and Italian goalkeeper Mattia Perin’s move to the club, which has won seven consecutive Serie A titles.