The Spanish star has agreed terms on a three-year deal after passing a medical on Thursday and will slot into the attacking-midfield void left by Gylfi Sigurdsson
Swansea City have completed the £2 million signing of Michu from Rayo Vallecano.
The Spanish midfielder passed a medical at the club on Thursday and agreed terms on a three-year deal.
Michu is the third new signing of incoming manager Michael Laudrup's reign, following the arrival of midfielder Jonathan de Guzman on loan from Villarreal and the £2m capture of centre-back Chico from Genoa.
His arrival is seen as something of a coup at Swansea, after he notched 15 goals in La Liga last season, and 17 in all competitions, becoming the highest-scoring midfielder in the league.
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Michu is viewed by Laudrup as a player who can fill the attacking-midfield void left by Gylfi Sigurdsson rather than as a possible replacement for Joe Allen, who is being targeted by Liverpool.
The former Celta Vigo player has returned to his native Spain but is due to meet up with Swansea's squad on Sunday before they fly out to America on their pre-season tour.