According to the BBC's David Ornstein and the club's official website, Arsenal have loaned striker Park Chu-Young to La Liga's Celta Vigo. It's a season-long loan with undisclosed terms (at the moment, at least) with the dot-com saying the goal is to "maximise his opportunities for first-team football." Clearly that was not happening at Arsenal.
Park played for Arsenal six times last year after moving late last summer from AS Monaco, and scored one goal - a very nice one, actually, in what was then the Carling Cup against Bolton. He looked reasonably good in that game but was unimpressive in other cameo appearances for the club, and for whatever reason (poor in training? called Mrs. Wenger fat?) never really got a lot of chances to make his mark.
This is the best move for both parties, as Park was clearly not a fit at Arsenal for some never-to-be-explained reason, and he was not going to get to play. It's unfortunate that this happened, especially after the odd way he came here - a last minute swoop to hijack a deal with Lille, involving airport shenanigans. It looks like it wasn't worth it. But now this is an open spot and (hopefully) at least some wages freed up for Arsenal, and the player will go to a team where maybe he'll get enough minutes to avoid Celta Vigo fans forgetting he exists on a regular basis.