Manchester City confirmed the signing of goalkeeper Gianluigi Donnarumma from Paris Saint-Germain on Tuesday for a reported fee of around €35 million ($41 million).
The 26-year-old Italian has penned a five-year deal, with Ederson heading to Fenerbahce after eight years at the club.
Donnarumma was part of the PSG team that won the Champions League last season, and was in goal for Italy when they won Euro 2020.
But his omission from PSG's Super Cup squad made it clear he was no longer their first-choice goalkeeper.
"To have signed for Manchester City is such a special and proud moment for me," said Donnarumma.
"I am joining a squad packed with world-class talent and a team led by one of the greatest managers in the history of football in Pep Guardiola. This is a club every player in world football would love to join."
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Director of football Hugo Viana said Donnarumma's arrival was a huge boost.
"Gianluigi's pedigree, quality and record speaks for itself, and we are all absolutely thrilled he has joined us here at City," he said.
"He has accumulated a wealth of top-level experience and knows what is required to achieve success on a sustained level."