Jefferson Lerma has completed his record-breaking move from Levante to Bournemouth in a five-year deal.
Sky Sports News reported earlier on Tuesday that the clubs had agreed a £25m fee which eclipses the club's record outlay, set last summer when they signed Nathan Ake for £20m from Chelsea.
It is understood the Cherries were pursuing the 23-year-old Colombian before the World Cup and have seen off interest from several Bundesliga sides.
Lerma, who handed in a transfer request at Levante last week, told Bournemouth's website: "I'm so happy to be an AFC Bournemouth player.
"The transfer has been very long because it took a while for the clubs to reach an agreement, but the most important thing is that I am here now and everyone got what they wanted in the end.
"I have always loved the Premier League style of football and am very happy to have this opportunity. I am looking forward to success and doing important things for this club."
Lerma was part of Colombia's squad at the World Cup in Russia, where he played in all four of their matches - including their last-16 defeat to England.
Lerma joined Levante, initally on loan, from Colombian side Atletico Huila in the summer of 2015.
He made that move permanent in 2016 for a fee of around £550,000 and was closing on 100 appearances for the club.
Eddie Howe's side kick off their Premier League campaign at home on August 11 to Cardiff City.
Howe added: "It's no secret that Jefferson has been someone we have chased for a while this summer.
"It's been a complicated deal but I am certain it will be worth all the hard work that people have put in to make this happen.
"Jefferson is an extremely talented player and a very good athlete who will bring a different type of play to our midfield.
"He has a lot of qualities that will be suited to the Premier League and I'm really looking forward to working with him."