London: German striker Lukas Podolski turned down a 40 million pound bid by Russian club Anzi Makhachkala to sign with English Premier league side Arsenal.
The Russian side managed by Dutchman Guus Hiddink offered the German a whopping 200,000 pounds a week over four years in comparison to Arsenal's offer 100,000 pounds.
The North Londoners agreed a fee of 10.9 million-pound fee with German club Cologne for the services of Podolski. The Polish-born forward will move to the Emirates Stadium at the end of the summer on a four-year deal.
"Money is not the most important thing for me. What is crucial is the development of my game," Podolski was quoted as saying by Daily Mail.
Arsene Wenger, manager of Arsenal, sent chief scout Steve Rowley to keep an eye on the forward in Cologne's pre-season friendly against the Gunners last summer.
Germany coach Joachim Low has backed Podolski to be a success in England.
"Four or five years ago I would have told Lukas that it was better for him to stay in Germany. Today the situation is different. Lukas has become more mature, he can take the step abroad now more easily," said Low.
Podolski has scored 16 goals in 22 club games this season in the German Bundesliga and netted three times to help Germany qualify for Euro 2012.