The Costa Rica international scored four times in 30 first-team appearances last year, having joined the clubin 2011.
He has previously spent time on loan at Lorient, Real Betis, Olympiacos and Villarreal and will spend the remainder of the campaign in Portugal.
Sporting finished second in the Primeira Liga last season and will compete in the Champions League thisterm.
Arsenal manager Arsene Wenger has been criticised for failing to buy a senior forward during the current transfer window, instead bringing in Japanese striker Takuma Asano, midfielder Granit Xhaka and defender Rob Holding.
Wenger defended his policy of prudence after the 0-0 draw at Leicester City on Saturday, and said: ”If I buy you for £45m tomorrow, does it mean I have done well?
If I listen to you then I will have done well because I spent the money, but spending the money in itself is not the quality.
“Spending the money and getting a top player; that is different and we are ready to do that. I will spend £300m if I find the player, if I have £300m.
We are a club who have 600 employees, who need to have a responsible attitude as well.”
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