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Youssef Chermiti has joined Rangers from Everton in a deal worth £10m.
It is understood the Ibrox side will pay an initial £8m for the striker, plus £2m in add-ons - with the fee the biggest paid by Rangers since signing Tore Andre Flo in 2000.
Chermiti has signed a four-year deal at Rangers, two years after his £15m move from Sporting Lisbon to the Premier League.
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The 21-year-old is well known by Ibrox sporting director Kevin Thelwell, who helped sign him for Everton. However, he was impacted by various injuries and made just 24 appearances for Everton without scoring.
Speaking after signing for Rangers, Chermiti said: "I am really happy to be here, when I spoke with Kevin and Russell [Martin], I knew straight away that I wanted to join the club.
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"I can't wait to meet everyone, the coaches, my team-mates and all of the staff. I just want to meet everyone and get involved. I have heard about the atmosphere here and the stadium and I can't wait to play."
Head coach Martin added: "We're really pleased to bring Youssef to Rangers. He's a young striker with huge potential and a lot of the qualities we were looking for in that position.
"At just 21, he already has valuable experience at a high level, and we believe this is the right environment for him to continue his development. We're excited to work with him over the coming years and help him fulfil that potential here at Rangers."
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Sporting director Kevin Thelwell said: "I am delighted to welcome Youssef to Rangers. I know his character well from our time at Everton, and I've always been impressed by his attitude, professionalism, and hunger to improve.
"We believe he can develop into a top striker here, and we're confident that Rangers is the right place for him to take that next step. We're all excited about what he can bring to the club over the coming years."
It is one in, one out in the striking department at Ibrox with Cyriel Dessers leaving after two years at Rangers.
The 30-year-old has scored 52 goals in 116 games during his two years at Ibrox.
He has joined Panathinaikos in a deal worth around £3.7m, after Rangers had rejected a bid from their Greek rivals AEK Athens earlier in the summer.
Meanwhile, Oscar Cortes also left on deadline day to join Spanish second division side Sporting Gijon.
The 21-year-old had his second loan spell at Ibrox last season, with an obligation to buy triggered in the summer.
However, he departs on loan until the end of this season after making just 21 appearances for Rangers, scoring one goal and providing two assists.
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