Everton have confirmed the signing of Jordan Pickford from Sunderland for a fee of £25 million, rising to £30m based on performances.
The 23-year-old is a club record transfer and signs a five-year deal with the Toffees.
Everton were reported to have had a previous bid rejected for Pickford, who attracted interest from Arsenal after a fine season despite Sunderland's relegations.
The Toffees have since reached an agreement with the Black Cats, and the England U21 international will become the third most expensive goalkeeper in history if it reaches its full value.
“It’s great to sign for the club," Pickford told Everton's website. "Last season was my first in the Premier League so to get this opportunity with Everton now, to be able to go forward with my career and show everyone what I can do with Everton is unbelievable.
“I think it’s a great opportunity and the right time for me to come to Everton and show what I can do.
“This is an exciting time for the club and for me, too, with the ambition being shown. I just want to be the best I can be to help."
Everton coach Ronald Koeman spoke of his delight at bringing in a goalkeeper tipped for an excellent future.
“I’m really pleased we’ve made what I'm sure will be a significant signing," he said.
“Jordan is a very talented young professional who also has a real hunger for success, and that's important for us as we now look to make further progress in the seasons ahead.
“We've seen the quality he has through his performances in the Premier League last season and, given his young age, we're sure he will get even better."
Pickford signed for Sunderland at a young age and had spells on loan at Darlington, Alfreton Town, Burton Albion, Carlisle United, Bradford City and Preston North End before breaking into David Moyes' side in 2016-17.
He conceded 50 goals in the English top-flight, but won the Sunderland supporters' Young Player of the Year award.