Neymar has signed a five-year contract with Paris Saint-Germain after paying his 222 million euros ($A332m) release clause to leave Barcelona, the French club have announced.
The 25-year-old Brazil forward, who will be presented to fans on Saturday, is committed to PSG until June 2022, the Ligue 1 club said in a statement.
Media reports have said he could earn around 550,000 euros ($A820,000) per week with the signing a huge coup for PSG, bringing them one of the most exciting and popular talents in the world game.
Neymar forced his way out of Camp Nou with Barcelona confirming on Thursday that his record-breaking transfer was triggered by payment of his release clause.
Neymar's legal representatives "visited in person the club's offices and made the payment of 222 million euros..." Barca said in a statement on their website.
"I am extremely happy to join Paris Saint-Germain," Neymar said in PSG's statement.
"Since I arrived in Europe, the club has always been one of the most competitive and most ambitious. And the biggest challenge, what most motivated me to join my new teammates is to help the club to conquer the titles that their fans want."
"From today, I will do everything I can to help my new teammates, to open up new horizons for my club and to bring happiness to its millions of supporters around the world."
PSG were similarly effusive after the arrival of what fans hope will be the missing piece in the hunt for an elusive Champions League crown.
"Today, with the arrival of Neymar Jr, I am convinced that we will come even closer, with the support of our faithful fans, to realising our greatest dreams," club president Nasser Al-Khelaifi said.
The transfer doubles the previous world record fee paid when Paul Pogba moved last August from Juventus to Manchester United for a 105 million euros ($157m).
Both Barcelona and Spain's La Liga questioned whether the Neymar transfer complied with UEFA's financial regulations.
Barca said they would pass on details of the operation to European soccer's governing body UEFA "so that they can determine the disciplinary responsibilities that may arise from this case."
Javier Tebas, head of La Liga had earlier said that PSG, owned by Qatari Sports Investments, were engaged in "financial doping" and the Spanish body would complain to UEFA.
UEFA, whose financial fair play rules ban clubs from spending more than their generated revenue, declined to comment but a spokesman noted that international transfers are within the remit of global governing body FIFA.
Barcelona signed Neymar in 2013 from Santos, with the winger scoring 105 goals in 186 games, as he helped Barcelona win a Champions League, two La Liga titles and three Spanish Cups among other trophies.