Anthony Gordon has completed his move from Everton to Newcastle United.
Newcastle are reportedly paying £40million up front to Everton, with an additional £5m payable in potential add-ons.
Gordon was the subject of intense interest from Chelsea at the start of this season, but Everton rejected their advances and had been hoping to tie the young forward to a new deal.
However, Newcastle and Tottenham also enquired over the 21-year-old, and the Magpies solidified their interest this month.
Gordon has signed what has been described as a "long-term" contract at St James' Park, becoming Newcastle's first signing of the January transfer window as Eddie Howe's team look to push on for Champions League qualification.
The new recruit said: "Since I heard of the interest, I was always convinced Newcastle were for me."
Speaking to NUFC TV, Gordon added: "I think the fan base and the city really suits me as a person, the way the team are playing under the gaffer at the minute really suits me, and the club just look like they're heading in the right direction.
"I feel like it's a really big step. People haven't seen what I'm capable of yet. I think under the gaffer, and the way the club's going, I can really excel here."
Newcastle head coach Eddie Howe expects big things, saying: "I'm delighted to sign Anthony – he's a top, top talent.
"I'm really excited to work with him, to develop him, and I'm looking forward to seeing what he can do in a Newcastle shirt."
Gordon's time at Everton ended disappointingly. The academy graduate performed well last season as the Toffees avoided relegation under Frank Lampard, but despite starting this campaign with two goals in the opening five Premier League games, his subsequent performances have been inconsistent.
He missed training on Tuesday in what Stats Perform understands was a pre-authorised absence and was also absent from Finch Farm on Wednesday and Thursday, before returning to Everton's base on Friday.
Cash-strapped Everton are 19th and sacked Lampard on Monday, with Sean Dyche being tipped to be named as his replacement, and Gordon was confronted by a group of fans outside Goodison Park following a 2-1 defeat to fellow strugglers Southampton on January 14.
Gordon is Everton's joint-leading league scorer this term, with three goals, but he has created just eight chances for team-mates and has not provided an assist, recording just 0.5 expected assists across 16 appearances.
Only Demarai Gray (51) has attempted more dribbles in Everton's squad than Gordon (41), but England Under-21 international Gordon has completed just 10 of those.
Gordon has had 26 shots, second only to Gray among Everton players, and his tally of 16 on target tops the charts.
Howe will believe he can rekindle Gordon's best form as he aims to add further spark to Newcastle's attack, having allowed Chris Wood to join Nottingham Forest.