Joshua Zirkzee has completed his move from Bologna to Manchester United.
The fee is understood to be £36.5m (€42.5m), slightly above his £34.4m (€40m) release clause, but it is in exchange for more favourable payment terms.
It means United will pay for the Netherlands international over three years.
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Zirkzee has signed a five-year contract at Old Trafford with the option of a further year.
The 23-year-old scored 12 goals and provided seven assists as Bologna qualified for the Champions League last season.
Zirkzee said: "Having had discussions with the manager and the leaders of the club I know how exciting the future is going to be here and I cannot wait to play my part in achieving success for Manchester United.
"I am a player who has always dedicated everything to winning; I'm ready for this next challenge, to go to another level in my career and win more trophies.
"It is a privilege to join such an iconic club. I have to take a short break now after being with the national team, but I'll be coming back ready to make an impact straight away."
Ashworth: Zirkzee can grow into a world-class player'
The former Bayern Munich forward becomes Erik ten Hag's first major signing of this summer and the first signing under new Man Utd sporting director Dan Ashworth.
Ashworth said: "Securing a forward to enhance our already strong group of attacking players was a key aim for this
summer. We are delighted that we've managed to sign a player of Joshua's calibre this early in the transfer window.
"Joshua is an outstanding talent who is ready to make an impact for Manchester United. His ability and desire to grow into a world-class player means that he will be a great addition to the squad that we are building for the exciting season ahead and beyond.
"Having already achieved a significant amount in his career, we will provide Joshua with the perfect platform to reach the next level under the guidance and support of Erik ten Hag and the coaching staff. We look forward to seeing Joshua thrive at Old Trafford over the coming years."
Why Man Utd want Zirkzee, the volcano ready to erupt
Sky Sports' Adam Bate
Joshua Zirkzee is different. At 6ft 4ins, he looks like a target man but he has the feet of a playmaker and the pace to run the channels. Manchester United are one of a number of clubs who have been wondering whether this unique skill set is just what they need.
At 23, Zirkzee has just enjoyed a breakthrough season with Bologna, helping the Italian club to qualify for Europe's elite competition for the first time in 60 years. He was rewarded with a late call-up to Ronald Koeman's Netherlands squad for Euro 2024.
The numbers are impressive. Zirkzee ranked among the top 10 players in Serie A this past season for goals from open play, chances created from open play and successful dribbles. It is just a hint at the all-around threat that he poses to opposition defences.
But this is about more than those numbers, this is about potential too, and a player whose profile is difficult to replicate in the market. He has taken a big step forward recently but he has long been identified as someone capable of things others are not.
Why was Zirkzee in demand?
Sky Sports' Adam Smith:
Zirkzee graduated through Bayern Munich's system and had spells with Parma and Anderlecht before joining Bologna in the summer of 2022.
The forward received limited game time in his first campaign in Serie A, scoring only two league goals from 808 minutes.
This term, he scored 11 league goals and the shot map above suggests he is most lethal from the left-of-centre region.
The heat map below also shows how the forward typically plays deeper than a conventional striker.
He also ranks among the top five players in Serie A for creating big chances, attempting dribbles and regaining possession in the final third.
When does the summer transfer window open and close?
The 2024 summer transfer window in the Premier League and Scottish Premiership is officially open.
The window will close on August 30 at 11pm UK time in England and at 11.30pm in Scotland.
The Premier League and Scottish Premiership brought forward Deadline Day to link up with the other major leagues in Europe. The closing dates were set following discussions with the leagues in England, Germany, Italy, Spain and France.