The Ukraine international moves to Paris for a fee rising to €66m.
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Zabarnyi has also agreed a deal to 2030 with the European champions.
PSG president Nasser Al-Khelaïfi said upon Zabarnyi's signing: "We’re delighted to continue the strengthening of our squad with the signature of Illia Zabarnyi.
"Illia is a talented international player and a great professional. He will make a major contribution to everything that we are building long-term at Paris Saint-Germain."
Meanwhile, Zabarnyi stated: "I’m very happy to join Paris Saint-Germain, the best club in the world, with the best project. I am here to give everything I have on the pitch and I’m looking forward to making my debut and meeting the fans."