Manchester City have signed Ecuador international striker Felipe Caicedo from FC Basel for an undisclosed fee, thought to be around £5m.
Caicedo played for Ecuador at the 2007 Copa America
Caicedo, 19, has put pen to paper on a four-and-a-half-year deal at Eastlands.
However, City ran out of time to complete a move for Portsmouth striker Benjani as the transfer window closed.
Filippo Mancini, 17, the son of Inter Milan boss Roberto, has joined City but French midfielder Ousmane Dabo, 30, has left the club to rejoin Lazio.
City's capture of Benjani was believed to be subject to Pompey landing Tottenham striker Jermain Defoe - a deal which was completed just before midnight.
However, club spokesman Paul Tyrrell told the club website: "Due to the late arrival of the player in Manchester, we were unable to complete the transfer."
Benjani joined Portsmouth from Auxerre in a £4.4m move in January 2005 and has scored 12 goals this season, including two hat-tricks.
Caicedo has been granted a work permit and is set to arrive in Manchester next week.
He has scored four goals in 12 games for Basel, managed by former Tottenham manager Christian Gross, to fire them to the top of the Swiss league.
Mancini, who made his Inter debut against Reggina earlier this month, has been on trial with City this week.
His father Roberto played under City boss Sven-Goran Eriksson at Sampdoria and Lazio.
Dabo had to go to hospital in May 2007 after a training ground bust-up with Joey Barton left him unconscious and with a bruised eye.
The France international played only one game for City this season, a brief appearance as a substitute in the Carling Cup against Bristol City in August.