The 25-year-old Brazil forward, whose legal representatives yesterday paid Barcelona the world-record fee to terminate the contract which tied him to the Catalan giants, has signed a five-year deal.
Neymar, who posted a heartfelt message of thanks to Barca fans via Instagram after arriving in Paris, said he was motivated to join PSG by the "ambition" of the club, who are yet to win the Champions League.
With Neymar joining coach Unai Emery's system, it remains to be seen whether Cavani will be able to reproduce those impressive figures, especially if the Brazil forward, who can play on both wings, is used in a more central position.
"I want something bigger, a bigger challenge and my heart chose this decision.It's for the new challenge and trophies and this is what PSG want and they deserve it. From today, I will do everything I can to help my new team-mates", he continued.
The Parisians have made a profit in recent years for FFP accounting purposes and can therefore subsidise some of the subsequent loss from the Neymar deal, although they will inevitably have to sell a number of players and set up more lucrative commercial deals. Two of those goals came from Neymar.
" I wanted something bigger, a bigger challenge". I thought above all else about of the happiness of my family, regardless of money.
"I'm very happy to wear the PSG shirt and carry the name of my country with me".
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The transfer is more than double the previous world record set by Manchester United's capture of Paul Pogba from Juventus past year for 105 million euros, leaving many commentators aghast at the rampant inflation in football transfer fees.
Along with selling tens of thousands of Neymar Jr. jerseys, the Brazilian's arrival will help club president Nasser Al-Khelaifi in his efforts to promote the slick image of a fashionable club that is determined to succeed on the world stage.
The exit of the Brazilian, who became the most expensive player in football history after signing for his release clause of £198m, has sent shockwaves across the sport. I wanted to come to Paris and it is only linked to me wanting to find a new challenge.
There is another reason why the six-time Ligue 1 champions have chosen now, just after they were freed from all financial fair play restrictions, to move heaven and earth for Neymar after years of frustration. "And it can not happen if he plays with (Lionel) Messi".
He is due to be presented at a press conference at the Parc des Princes at 1130 GMT. "I will miss you". But Neymar said he is "always hungry for football, and I think I can play".
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