Arteta played a friendly against Everton in August

The 22-year-old playmaker is currently at Primera Liga side Real Sociedad and his short-term move to Merseyside is with a view to a permanent transfer.

Chief executive Keith Wyness told the Everton website: "This is a real coup as a number of clubs were interested."

Everton were also in talks with Tottenham about signing Simon Davies but no agreement was reached.

Boss David Moyes said of his latest recruit: "We have a got an opportunity to look at him for six months, the Everton supporters have a chance to look at him and between us we will all decide whether he will be a good addition.

"He fits all the requirements for us, he can play midfield, he can play wide, so it gives us a bit more cover and a good chance to have a look at a promising young player."

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Arteta has a contract with Sociedad until June 2008 but has struggled to adapt to the Primera Liga and to a system of play that has not suited him.

"I am sad to be leaving Sociedad, I went there with all the hope in the world," he said.

"But It is clear that the coach is not counting on me and I can't allow that situation to continue.

"I didn't play well at the start of the season, but since then I have not been given a chance.