Arsenal are set to miss out on Porto forward Jackson Martinez who has chosen to join Atletico Madrid instead, according to his agent.

The Colombia international has repeatedly been linked with a move away from the Estadio Dragao, with top European clubs including the Gunners reportedly keen to acquire the highly-rated player.

Atletico appear to have won the race to land the 28-year-old.

"We've completed the deal," Martinez's agent Luis Henrique Pompeo told Spanish sports newspaper AS.

"Atletico is a very big club that has done important things domestically and in Europe and Jackson is going there with the will to achieve great aims and bring out the best of him."

Atletico are set to pay FC Porto 35million euro (£24.9million) to acquire Martinez's sporting rights and the South American is expected to put pen to paper on a four-year deal.