The highly regarded 23-year-old has joined the European champions for a reported fee of €40 million plus an additional €15 million in potential bonuses.
Chevalier put pen to paper on a five-year deal at the club, with current goalkeeper Donnarumma, 26, expected to leave after talks over a new deal broke down.
Speaking to the club’s website, Chevalier expressed his excitement over the move, saying: “I am a kid that is living his dream. Ever since I was small I wanted to play at the very highest level.
“I would like to thank the Chairman Nasser Al-Khelaïfi, Luis Campos and the coach, Luis Enrique, all his coaching staff and everyone that worked hard to get me to Paris Saint-Germain. I’m really delighted to be here. I will wear this shirt with passion and ambition.”
Donnarumma has been heavily linked with a move to Man United this summer, with the Premier League side eyeing a cut-price move for the ‘keeper who has one year left on his contract.