The Gunners were considering activating a £2.5 million buy-back clause which they put in the deal which initially took him to Real Sociedad.
But according to the Daily Star, the North London club and the La Liga outfit have struck a deal that will see Arsenal cut all ties with former Mexican international Vela.
Arsene Wenger will receive £8 million for the deal just a week after receiving £5.6 million from Barcelona’s sale of Cesc Fabregas to Chelsea.
And the French tactician could still put that money towards a bid for attacking reinforcements with AC Milan striker Mario Balotelli and Real Madrid starlet Alvaro Morata both heavily linked.
Arsenal fans. Do you think your club should have brought Vela back to the club or are you happy with the £8 million to spend on new players? Let us know your thoughts below.