Eto'o will wear squad number 5 for the Toffees at least for his first season with the club, presumably due to the side's number assignments largely completed before the deal was done.
The 33-year-old Cameroon international was a free agent and had been heavily linked with a return to Serie A with the Rossoneri.
Sport Mediaset claim Eto’o had been due to have a medical in Milan’s La Madonnina clinic this morning but instead had one with Everton, which he passed.
The whole deal reportedly collapsed last night because Eto’o was frustrated by Milan’s indecision about the idea of signing him at all.
The former Inter and Chelsea striker therefore told agent Claudio Vigorelli to fly to England and conclude the details with Everton instead.
Eto'o joins Romelu Lukaku as a Chelsea-registered striker from last season to head to Goodison Park this term.
"We are very excited and I think Everton is the perfect home for him,” manager Roberto Martinez said.
The former Barcelona player scored 12 goals for Chelsea last season, including a hat-trick against Manchester United, but saw his relationship with Jose Mourinho placed in the spotlight when the Portuguese questioned his age in leaked footage from a French television interview.
He could now make his Everton debut against Mourinho and his former team-mates, with the sides due to meet at Goodison Park on Saturday.
Martinez had been on the lookout for experienced options up front, with Arouna Kone's long-term lay-off leaving him short of cover.
Milan are looking for a replacement for Mario Balotelli, who was sold to Liverpool for £16m, but have been linked with numerous different players around Europe.
The most likely candidates are thought to be Fabio Borini on loan from Liverpool or Fernando Torres from Chelsea.
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