Arsenal announced Sunday that the club has reached an agreement with Barcelona to send captain Cesc Fabregas to the Catalan giants.

The long-rumored deal was finally confirmed by the two teams on their websites Sunday, though financial terms were not disclosed.

The fee for the 24-year-old Spanish midfielder was believed to be in the region of £35 million ($57 million).

"We have been clear that we didn't want Cesc to leave and that remains the case," Arsenal manager Arsene Wenger said in a statement on the north London club's website announcing the move.

"However, we understand Cesc's desire to move to his home town club and have now accepted an offer from Barcelona. We thank Cesc for his contribution at Arsenal and wish him future success."

Fabregas played for the Gunners for eight years after joining the club from Barcelona as a 16-year-old back in 2003.

During his time at Arsenal he made 303 appearances, scoring 57 goals in all competitions. He has also made 58 appearances for Spain in international competition.

The agreement is subject to the completion of legal agreements and Fabregas' passing of a medical exam.