“FC Barcelona and Memphis Depay have reached an agreement for the player to join the club once his contract with Olympique Lyonnais is at an end.
“The player will sign a contract until the end of the 2022/2023 season,” a message on the club’s website stated.
The striker will have a release clause of 500 million euros and becomes Barca’s fourth signing of the season.
Striker Kun Aguero and central defender Eric Garcia both arrived for free after their contracts with Manchester City expired.
Defender Emerson Royal is the third signing and he has arrived at the Camp Nou after two-year on loan at Real Betis.
Depay is joining Barca coach Ronald Koeman, who has previously worked with him in the Dutch national team.
The club had previously tried to sign him in the January transfer market.
The arrival of Depay and Aguero means FC Barcelona now have a surplus of strikers in the club, even though Lionel Messi has still to sign a new contract.
Barca’s delicate economic situation means they will now look to lower their wage bill by selling Martin Braithwaite and perhaps even Antoine Griezmann.