The Toffees had already revealed that McAleny would be leaving Goodison Park this summer, but he has wasted little time in finding a new club with Fleetwood jumping at the opportunity to sign him on a deal until 2020.
The 24-year-old told the club's official website: "I'm delighted, it's a club on the up and I'm very excited to be a part of it.
"I am an attacking player and I'll work hard for the team - that goes without saying. I like to chip in with a few goals and I've always got my eyes on the goal.
"It's exciting times, like I said, they are a club on the up. I know the manager, they are a good bunch of lads, the facilities are spot on and it's definitely the right place to be."
McAleny made just three first-team appearances for Everton, but he has spent six separate loan spells at clubs in the Football League.
Last season, he netted 10 goals in 18 outings in League One for Oxford United.