Barcelona, July 7 (IANS): Spanish football giants FC Barcelona have confirmed the signing of Turkey midfielder Arda Turan from Atletico Madrid for the next five seasons for a sum of 34 million euros ($37.4 million) plus 7 million euros in variables.

The special commission running Barcelona ahead of the July 18 election of a new club president included in the deal a clause that gives the incoming boss until midnight on July 20 to reverse the transaction and sell Turan back to Atletico for 30.6 million.

The contract calls for Turan to stay with the Catalan club for five years, reports Efe.

Under a FIFA sanction, Barcelona is barred from any new player signings until January, meaning that the Turkish international cannot officially join the team before 2016.

Turan said 10 days ago that he wanted to leave Atletico after four years with the capital club, where he scored 22 goals in 178 matches.

The Turk won five trophies with Atletico: the 2012 Europa League and European Supercup; the 2013 Copa del Rey; the 2013-2014 La Liga title; and the 2014 Spanish Supercup.

He was also part of the Atletico squad that reached the 2014 Champions League final only to lose to cross-town rivals Real Madrid.