A deal for the 24-year-old has been in the offing for a number of days, with Funes Mori in attendance for Everton's 2-0 loss to Manchester City on August 23, and the Argentine has now penned a five-year deal.
Funes becomes Roberto Martinez's sixth summer signing after the arrivals of Tom Cleverley, Gerard Deulofeu, David Henen, Mason Holgate and Leandro Rodriguez and will wear the No.25 shirt.
"I'm going to give it 100 per cent every time I go out there to play for Everton," he told the club's offical website. "When I heard about their interest, I didn't think twice."
Funes Mori recently won the Copa Libertadores with River Plate, having made over 100 appearances for the Argentine outfit since arriving in 2011.
The 24-year-old is not believed to have been signed as a replacement for John Stones, who is still the subject of serious interest from Chelsea.
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