Manchester United have made their first signing of the Sir Jim Ratcliffe era after completing a €42.5m (£36.5m) deal for the Netherlands forward Joshua Zirkzee.

The 23-year-old has been bought from Bologna after United chose to pay more than his €40m release clause to spread the payments over three years. As a result of the sell-on clause they have, Bayern Munich will get 50 per cent of the fee.

Zirkzee has signed a five-year deal at Old Trafford and forms the first arrival in United’s attempt at a summer overhaul.

They opted for him ahead of Jonathan David and Ivan Toney, who also formed part of the striking shortlist as United looked for an alternative to Rasmus Hojlund in attack. With Anthony Martial leaving, they had only had one main striker in the squad, plus versatile players such as Marcus Rashford.

Zirkzee, who scored 12 goals last season to help Bologna qualify for the Champions League, said: “Having had discussions with the manager and the leaders of the club I know how exciting the future is going to be here and I cannot wait to play my part in achieving success for Manchester United.

“I am a player who has always dedicated everything to winning; I’m ready for this next challenge, to go to another level in my career and win more trophies. It is a privilege to join such an iconic club.”

United have a new recruitment team including sporting director Dan Ashworth, technical director Jason Wilcox and head of recruitment Christopher Vivell.

And Ashworth said: “Securing a forward to enhance our already strong group of attacking players was a key aim for this summer. We are delighted that we’ve managed to sign a player of Joshua’s calibre this early in the transfer window.

“Joshua is an outstanding talent who is ready to make an impact for Manchester United. His ability and desire to grow into a world-class player means that he will be a great addition to the squad that we are building for the exciting season ahead and beyond.

“Having already achieved a significant amount in his career, we will provide Joshua with the perfect platform to reach the next level under the guidance and support of Erik ten Hag and the coaching staff. We look forward to seeing Joshua thrive at Old Trafford over the coming years.”