Tottenham have signed midfielder Pierre-Emile Hojbjerg from Southampton, with full-back Kyle Walker-Peters heading in the opposite direction.
Hojbjerg, 25, has moved for a fee short of Saints’ £25m asking price, but well in excess of Tottenham’s £15m opening offer.
Walker-Peters, 23, has made a reported £12m move to St Mary’s after initially joining on loan in January.
Both players have signed five-year contracts.
Hojbjerg has made 134 appearances and scored five goals since signing for Southampton from Bayern Munich for a reported £12.8m in 2016.
However he was stripped of the club captaincy after refusing to sign a contract extension and was sidelined for much of the remainder of the 2019-20 season after the coronavirus-enforced suspension of action.
Everton were among a number of other sides interested in signing the Denmark international.
Walker-Peters, part of the England under-20 side that won their age-grade World Cup in 2017, leaves Spurs after making 24 first-team appearances.
“The last few months on loan have been great for me and a lot of fun too,” he said.
“The club definitely fits the way I like to play, and I hope that people were able to see that during the last month or so of the season.”