The France international was in sparkling form for Lille last season, scoring 12 goals and racking up 18 assists in 38 Ligue 1 games.
|18/1||Marseille are 18/1 with Coral to win Ligue 1
"In the early discussions with the President and Jose Anigo (sporting director), I felt that I was really wanted," the winger told the club's official website.
"This is a great family and I hope that we will ensure that the family is performing this season.
"There is everything in place for success here."
A number of Payet's international team-mates already ply their trade with Marseille, which Payet believes will be crucial in helping him settle in.
"I already know Rod Fanni and Souley Diawara. It will allow me to adapt much faster," he added
"This is important for integration. Now that I have signed, I cannot wait to start training and playing in games."