The France international has linked up with the Ligue 1 champions after being 'seduced' by their project and stated he is looking forward to Champions League football
The figure involved in the transfer has not been revealed by either club, but reports in France suggest it to be in the region of €10 million.
The France international has penned a four-year contract which will keep him with the Ligue 1 champions until 2015.
Payet, who was also linked with a move to Liverpool, reportedly turned down on Monday a lucrative offer from Paris Saint-Germain to sign for Lille, and the winger has now explained his move.
"This was basically a choice based on sporting aspects. The directors and the coach convinced me with their speech," the player told Lille's website.
"I was seduced by the club's project. A new stadium within a year, a competitive team: here, there is everything to succeed.
"At Lille, I have the possibility of playing in the Champions League and fighting for one of the top places in Ligue 1."