The 23-year-old attacking midfielder has committed his future to the Ligue 1 outfit until 2025 and is reunited with compatriot Bruno Guimaraes, who arrived at the club in January.
Unveiled at a press conference on Wednesday afternoon, it has also been revealed that Lyon have a got a good deal for Paqueta.
“OL, without waiting for the end of the transfer window, negotiated his transfer in the amount of €20M, including a 15% sell-on fee,” a statement via the club’s official website reads.
“Olympique Lyonnais are very happy to welcome Lucas Paquetá, the 22nd Brazilian player in the club’s history following the arrival of Bruno Guimaraes last January, making him the sixth Brazilian in the current squad.
Paquetá has been touted as a potential replacement for Houssem Aouar who has been linked with a move to Arsenal before the summer window closes next week.
And Lyon president Jean-Michel Aulas had an interesting update regarding the 22-year-old as he hinted at two more departures before deadline day.
“We wanted to show with this deal that we were not dependent on sales,” Aulas said, as per Get French Football News. “From Friday evening, when Rudi will choose his squad vs Marseille, there will be no departures.
“We could see ourselves lose two players.”
Aulas then confirmed that three clubs have shown interest in Aouar.
“We know that three big clubs are interested in him. 2 in the short-term, 1 in the long-term,” he added. “Not much has happened.
“All the clubs can’t give us financially what Lyon wants.”
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Meanwhile, Lyon sporting director concedes that the transfer saga could run until deadline day.
“I think by Friday we will have all the answers.”
“We know that things could happen between now and Monday. It is not ideal. We have to adapt.”