The Imps have splashed out a massive £350,000 to land Varfolomeyev, 21, who is an U21 Ukraine international.
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Lincoln head coach Michael Skubala told BBC Radio Lincolnshire's Red Imps Club podcast: "Our recruitment team have been keeping tabs on him for quite a while, and it's good to bring an exciting young talent into the building.
"It's always been the intention of the board to support the team and get bodies back after all our outgoings," Skubala said.
"We said we needed to get the right ones in and it's taken a bit longer but the board's definitely backing what we need to do."