Arsenal boss Arsene Wenger will be ruing letting Michu slip through his hands.
The Daily Star says Arsenal decided not to pursue their interest in the £2million bargain from Rayo Vallecano. The midfielder-cum-striker now has 11 goals this season.
Swans boss Michael Laudrup said: "I'm very pleased with Michu. He was always going to be a bargain whatever price, because goals get points.
"He's got 11 goals in 15 appearances but he's not just a goalscorer - he works hard too."