Bournemouth keeper Neto joins Arsenal on loan after Ramsdale's move to Southampton
Brazil's Neto, who previously played for Juventus, Valencia and Barcelona, has made 61 Premier League appearances for Bournemouth since joining the club in 2022.
"I'm realising a dream in my life, a dream come true, and I'm really, really happy," Neto said.
"I had two dreams as a kid to play for a football team. It was my team in Brazil, where I grew up and became a professional footballer, and also Arsenal. And now I'm realising it. I'm a really lucky person."
Neto will be Arsenal's backup goalkeeper with David Raya expected to be the first name on the team sheet for Mikel Arteta's side.
Last season's runner-ups Arsenal host Brighton & Hove Albion on Saturday but Neto will not be eligible to play in that game, with the 35-year-old set to join the squad next week.