Inter Milan have completed a deal to sign Uruguayan full-back Alvaro Pereira, according to a statement on Porto's official website.
The 26-year-old has been consistently linked with Chelsea in recent seasons, but has now made a lucrative move to Serie A.
Inter will pay an initial fee of around £8m, which will rise depending on appearances and trophies at the San Siro this season.
Pereira becomes manager Andrea Stramaccioni's seventh signing of a busy summer, alongside players such as Antonio Cassano, Walter Gargano, Rodrigo Palacio and Samir Handanovic.
Inter play their opening league match of the season away to Pescara on Sunday.
Written by
Liam Power
Liam Power
