Crystal Palace have completed the signing of striker Jorgen Strand Larsen from Wolves in a club-record deal worth up to £48m. The 25-year-old has signed a four-and-a-half-year deal at Selhurst Park and will wear the number 22 shirt.

Palace made the move for the Norway international as Eagles forward Jean-Philippe Mateta looked set for a transfer to AC Milan. The France international, who has been nursing a knee issue, had an initial medical examination on Sunday followed by additional tests on Monday. However, the Italian club have now pulled out of the £30m deal and the 28-year-old will remain at Selhurst Park, where he will be joined by Strand Larsen.

"We're delighted that Jorgen has chosen to continue his impressive journey with us and look forward to seeing him in action at Selhurst Park," said Crystal Palace chairman Steve Parish. "I'm sure he will prove himself a valuable asset for years to come."

Meanwhile, Palace have also agreed to sign Dwight McNeil on loan from Everton. The FA Cup holders have requested an extension from the Premier League to complete the deal - which will include an obligation to buy the 26-year-old winger for £20m at the end of the season.

It has has been a season to forget so far for Strand Larsen. He has only one Premier League goal in 22 outings for an out-of-sorts Wolves side, who are currently bottom of the table and 18 points from safety. But Palace will be hoping the Norway international will replicate the form that saw him net 14 times in 35 outings for the Midlands outfit last term before making a loan move from Celta Vigo permanent.

"I'm really excited to come to Crystal Palace," said Strand Larsen. "It's been something I've wanted to do for a long time now. I'm here to bring energy and goals, and to try to do my best for the club."

The forward could make his Palace debut on Sunday in their league meeting at Brighton (14:00 GMT).