There had been speculation the Republic of Ireland internationalist would sign a pre-contract agreement at Goodison Park, but he will instead move immediately from Spartak Moscow for an undisclosed fee.
"It has sort of been a long time coming," McGeady admitted. "There was talk over the summer that something might happen, but I am just delighted it is done and dusted now. I was close to joining the manager [Roberto Martinez] a year ago when he was at Wigan.
"I just want to play for a big club like this and I am relishing the challenge. I have said for a long time now that I want to try myself in the Premier League. It's a dream move. I couldn't be happier."