The fiery forward was declared surplus to requirements in Avellaneda following Saturday's controversy, and will represent the Grana for the rest of their Libertadores campaignColombia international Teofilo Gutierrez will complete a move to Lanus after Racing Club president Gaston Cogorno declared he would never play for the team again following an incident with an airgun at the weekend.
The controversial striker attracted the anger of his Racing team-mates when he brandished the weapon during a tense confrontation with Sebastian Saja following the club's 4-1 loss to Independiente.
Just four days after the scandal, Ole confirmed that the forward had signed a loan deal until the end of the 2012 Copa Libertadores with Primera rivals Lanus.
Gutierrez will be ineligible to appear in the Clausura for his new club, but can represent the Grana on a continental level from the start of the last 16.
Lanus goalkeeper Agustin Marchesin, who back in October 2011 called his new team-mate a 'moron' after a tense Apertura clash with Racing, extended a wary welcome to the Colombian.
"Let's hope that he will add to the group and that he shows he is a good person," the player stated after the deal was finalised.
"If he makes us better he will help. He is an intelligent player, let's hope that he comes here with humility and he is prepared to give us his best. If that is the case, welcome."
Teo was Racing's top scorer in the 2011 Clausura and Apertura campaigns, netting 17 goals across the two competitions.