Slaven Bilic has confirmed the signing of the striker Jonathan Calleri on a season-long loan from Uruguayan side Deportivo Maldonado.

The 22-year-old, who made his name at Boca Juniors and spent the past six months on loan at the Brazilian club São Paulo, was in the Argentina squad who were eliminated from the Olympic Games in Rio after being held to a 1-1 draw by Honduras.

Calleri’s economic rights were purchased by Maldonado – a second division side with average attendances of around 200 with links to the Stellar Group, Gareth Bale’s agents – at the start of 2016.

Calleri was initially linked with a move to Internazionale before joining São Paulo. Sevilla and Barcelona also registered their interest in signing him this summer but is understood West Ham co-owner, David Sullivan, secured the deal for a fee of around £4m.

“We signed Calleri. Unfortunately for him but good for us Argentina were knocked out of the Olympics on Wednesday, they didn’t pass the group stage so he should be here with us – not today, not tomorrow, but pretty soon, depending on work permit or whatever,” Bilic said on Thursday.

“We did the deal not a long time ago but not yesterday, and he is a top striker as well. You need a squad but it is also about the balance.”

Calleri, who scored 16 goals in 41 matches for Boca, sought the advice of the former West Ham striker Carlos Tevez before deciding to move to London. Having already broken their transfer fee this week with the £20.5m purchase of Andre Ayew from Swansea, West Ham remain in the market for another striker and are still waiting on a decision from Milan’s Carlos Bacca. A £26m offer for the Colombian was accepted weeks ago but the 29-year-old is yet to make up his mind.