Olivier Giroud
Despite coming on as a late substitute, Olivier Giroud was unable to prevent France's 2-0 loss to Spain in the Euro 2012 quarterfinals. Reuters

Arsenal have completed the signing of French striker Olivier Giroud, according to Montpellier's president Louis Nicollin.

Speaking to French publication Midi Libre, Nicollin confirmed that Arsenal had paid the release clause in the player's contract, reported to be around £13 million.

I wish him well, Nicollin said.

Last week Arsenal boss Arsene Wenger admitted that a deal was 90 percent complete for the 25 year old. The elimination by France from Euro 2012 at the hands of Spain on Saturday appears to have led to the finalization of the deal.

Giroud scored 21 goals as he helped Montpellier to their first ever Ligue 1 title last season.

Although Arsenal has not yet confirmed the deal, an announced is expcected imminently. The transfer would be Arsenal's second major deal of the summer after the arrival of Lukas Podolski from Bundesliga side Koln.