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Spanish international Ferran Torres signed for cash-strapped Barcelona on Tuesday from Manchester City, the Catalan side announced.
Despite their financial struggles, Barcelona have agreed a deal worth an initial 55 million euros ($62 million, £47 million) for the 21-year-old.
"FC Barcelona has reached an agreement with Manchester City for the transfer of Ferran Torres," Barcelona said in a statement on their website. "The player has signed a contract for the next five seasons, until 30 June 2027.
"His buyout clause has been set at 1,000 million euros."
Torres scored 16 goals in 43 appearances for City since joining from Valencia last year but this season has been disrupted by a fractured foot that has kept him out since October.
He won the Premier League, League Cup and reached the final of the Champions League during his only full season in Manchester.
City manager Pep Guardiola said last week that Torres had asked to leave and he would not stand in his way.
City director of football Txiki Begiristain said Torres had given it his all and helped City win trophies.
"Ferran should be proud of what he has achieved here at Manchester City," the Spaniard said.
"He is a player we have all enjoyed working with and we wish him all the best at Barcelona and for the rest of his career."
Torres will fill the vacuum left at Barcelona by another former City striker Sergio Aguero.
City's record goalscorer was forced to retire earlier this month due to a heart condition, just months into his spell with the Catalan giants.
Already eliminated from the Champions League at the group stage for the first time in 20 years, Barca face a fight just to qualify for next season's competition as they sit seventh in La Liga ahead of the winter break.
However, they could even still have trouble registering Torres within the salary cap imposed by La Liga.
Lionel Messi's departure to Paris Saint-Germain was caused by the club being unable to retain the Argentine due to spiralling debts.
Barca recorded losses of 481 million euros last season, with a gross debt of 1.35 billion euros.