Peterborough United sign Torquay keeper Bobby Olejnik

Peterborough United have signed Torquay goalkeeper Bobby Olejnik on a three-year deal for an undisclosed fee, believed to be around £300,000.

Olejnik, 25, had signed a new Gulls' contract in February, which was due to keep him at the club until 2014.

The Austrian kept 20 clean sheets last season for the League Two side.

Posh boss Darren Ferguson told the club website: "He had a fantastic season with Torquay and undoubtedly is the best goalkeeper in that division."

Ferguson continued: "There is still improvement in him but he is willing to learn, has a good attitude and it is an important position to fill. We believe we have done very well to get him in."

My job as manager is to buy low, sell for a profit and then fetch in low again. That is the nature of the beast in League Two and this has been a great bit of business

Torquay boss Martin Ling on the sale of Bobby Olejnik to Peterborough

Olejnik arrived at Plainmoor from Falkirk last summer and was a pivotal figure in the Gulls' League Two promotion challenge, which saw them reach the play-off semi-finals.

Torquay will also receive a share of profits should the former Aston Villa academy keeper move on from London Road.

Gulls boss Martin Ling told the Torquay website:  "The move has come a little earlier than I expected because I felt we may [have got] another year from Bobby before a Championship club came in for him.

"It is a great deal for our club and for Bobby. My job as manager is to buy low, sell for a profit and then fetch in low again.

"That is the nature of the beast in League Two and this has been a great bit of business.

"Obviously we have lost a very good goalkeeper and I am speaking to agents to say we need a new keeper, as well as the other targets we are looking at."

Peterborough manager Ferguson had been on the hunt for a new first-choice goalkeeper following the departures of Joe Lewis and Paul Jones this summer.