"I'm just extremely happy, extremely proud, it is a big day for me and my family. I can't wait to get started," Runarsson said on his new club's website.

"It is one of the biggest clubs in the world – they've won the Premier League (top division) 13 times, the FA Cup 14 times, it is a huge club and obviously playing in the Premier League as well, it is a win-win situation.

"I know it is going to be a lot of hard work, but I am ready to do everything I can to get the most amount of minutes as possible."

Gunners boss Mikel Arteta added: "We want to create healthy competition for places and we look forward to seeing Alex bring further depth to the goalkeeping position."

Runarsson could be in line to make his Arsenal debut in the Carabao Cup tie against Leicester on Wednesday night.

After starting his career with KR Reykjavik, Runarsson joined Danish club FC Nordsjaelland, where he worked with Arsenal's current goalkeeping coach Inaki Cana.

Runarsson said: "Our relationship, since we got to know each other four years ago, has been very good.

"We have always been in contact even though I was playing in France and he was coaching here in England.

"The fact that he is here, it is very important to me that I know somebody here and I know that he knows my qualities, and what I need to improve and what I can bring to the club."