Perez was a free agent after parting ways with Deportivo La Coruna by mutual consent due to personal reasons last month. The 36-year-old striker has penned a short-term deal with PSV for the remainder of the season.
The club were evidently impressed by Perez's stint in Spain's second division, where he bagged and set up four goals each across 19 league fixtures. PSV made it to the Champions League knockout stages following a thrilling 4-3 aggregate triumph over Juventus in the playoffs.
Peter Bosz's squad are now set for a battle against Arsenal, who secured their round of 16 spot after finishing third in the group stage. Back in 2016, Perez joined Arsenal from Deportivo for £17million but couldn't quite replicate his form in the Premier League, resulting in a loan spell back to Spain before being sold to West Ham the following summer.
With the Champions League tie on the horizon next month, Perez will hope that his new club can end the Gunners' hopes of European glory. "I can't wait to show myself to the fans and my new team-mates," Perez said upon signing for PSV.
"I am very ambitious and am looking forward to delivering many goals and assists. My first impression of the club is very good, I get energy from the people I have already met. PSV were on top of it right away and did everything they could to bring me to Eindhoven.
"That did me a lot of good. Unfortunately, it took a bit longer than planned before a final agreement was reached, due to personal reasons on my part. I found a solution for that and I am very grateful for the fact that the PSV management remained so patient."
Arsenal fans may recall Perez scoring a Champions League hat-trick against FC Basel in 2016. Luckily for the Gunners, Perez wasn't signed in time to be registered in PSV's squad for the knockout rounds, meaning he won't be able to feature against Arsenal – but he is likely be in attendance for the games between the two clubs.
Despite being effective at times during his spell in north London, with seven goals and five assists in 21 appearances, his time at the club was rather short-lived. After scoring six in 19 games following a £4m move to West Ham in 2019, Perez's return to the top seemed uncertain after an emotional move back to Deportivo in December 2022.
Taking an unusual detour, Perez bought himself out of his contract with Cadiz, paying £408,000 (€493,000) to drop to the Spanish third tier, aiding Deportivo's successful title run and promotion the following year. He led by example at his boyhood club, registering 35 goal contributions in as many games last season.
Now at PSV, Perez has quickly set himself new goals and plans to capture two trophies during his short stay in the Netherlands. "I am extremely driven to help this club achieve its other objectives, including winning the national title and national cup," he said. "I have worked very hard in recent weeks, both on and off the field. I am more than ready to prove myself here."
Arsenal are set to face PSV in the first leg of the Champions League round of 16 at the Philips Stadion on Tuesday, March 4, with the return fixture scheduled at the Emirates on Wednesday, March 12. While PSV will attempt to progress without Perez, Gunners boss Mikel Arteta faces his own striking dilemma.
Following a disappointing performance by makeshift striker Mikel Merino against West Ham, and Raheem Sterling continuing to fall short, Arteta's eyes might turn to Leandro Trossard. With options narrowing due to Kai Havertz and Gabriel Jesus being sidelined for the season, and Bukayo Saka and Gabriel Martinelli out with hamstring injuries, Arteta will have a difficult decision to make against PSV.
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