A gamble on Carlo Ancelotti to become the next Manchester United manager took place on Wednesday.
Ignacio Camacho has ended speculation over his future by signing a new contract at Malaga.
The 28-year-old Basque player has signed a three-year contract, which includes a clause allowing him to leave for 35 million euros (£30million).
Athletic announced on their website: "Athletic Club and Granada CF have reached an agreement for the transfer of the player Mikel Rico to our club. The player has signed a contract until June 30 2016 with a buy-out clause of 35 million euros."
Rico joined Granada from Huesca in 2010, helping them to promotion in his first season at the club and remaining a fixture in the side over the last two Primera Division campaigns.