Despite all efforts to stop the Brazilian, his move is happening after a record $262 million clause was paid to Barcelona.
Barcelona says that Neymar has paid the 222 million euro ($262 million) buyout clause to free him from his contract, clearing the way for the Brazil forward to sign for Paris Saint-Germain.
In a statement released on Thursday, Barcelona says that "Neymar Jr's legal representatives visited in person the club's offices and made the payment of 222 million euros in the player's name with regards to the unilateral termination of the contract that united both parties." He signed a five-year contract with PSG, a journalist for French radio station RMC said on Twitter.
"Neymar is Parisian! He signed a 5-year contract with PSG's leaders in Barcelona!," Mohamed Bouhafsi, RMC's editor in charge of soccer coverage, said on Twitter.
The payment of the clause shatters the previous world record transfer of 105 million euros (then $116 million) that Manchester United paid for France midfielder Paul Pogba last year.
Barcelona also said that "the club will pass on to UEFA the details of the above operation so that they can determine the disciplinary responsibilities that may arise from this case."
The comment follows a claim by Spanish league president Javier Tebas on Wednesday that Neymar's move would break Financial Fair Play rules introduced by UEFA, European soccer's ruling body.
All to stop them
Barcelona did all it could to stop Neymar from leaving, and had vowed to complain to UEFA if his seemingly untouchable release clause was triggered.
The payment of the clause directly to the club was the second attempt Neymar's representatives had made on Thursday to break his bond with Barcelona.
Earlier in the day, his lawyer Juan de Dios Crespo had tried to deposit the enormous sum at the Spanish league's offices in Madrid, but he was turned away.
Tebas had told Spanish sports daily AS that he wouldn't let the league act as an intermediary to an operation that he, like Barcelona, believed violated UEFA's FFP rules. He had called PSG a "state-supported club." The club's Qatari owners are closely linked to the energy-rich ruling family.
Neymar, whose full name is Neymar da Silva Santos Júnior, ended weeks of silence by telling Barcelona's executives, players and coach on Wednesday that his intention was to leave the club after four seasons.
Barcelona spokesman Josep Vives responded that the club would not negotiate and would demand the full payment of the clause. Last year, Neymar signed a new contract with Barcelona that tied him to the Catalan club through 2021.
At 25 years old, Neymar is already one of soccer's top talents.
Neymar scored 105 goals playing alongside Lionel Messi and was a key playmaker for Barcelona as it won a Champions League, two Spanish leagues, three Copa del Reys, one Club World Cup, a UEFA Super Cup and two Spanish Super Cups.
The expectation at PSG will be for him to lead it to elusive Champions League success.