Barcelona seal deal for Afellay
Barca sporting director Andoni Zubizarreta told a news conference the 24-year-old would be the only player brought in during the January transfer window and the Spanish champions' squad was now complete.
PSV received three million euros for Afellay and the attacking midfielder's new contract includes a buyout clause worth 100 million euros, Barcelona said on their website.
The Dutch club would also get an unidentified percentage of any future transfer fee if Afellay was sold on, the statement added.
Afellay, who is the latest in a long line of Dutch players at the Catalan club, will wear the number 20 shirt.
He will be eligible to make his first appearance for Barca in the La Liga match at home to Levante on January 2.
"He is a player who has the characteristics of FC Barcelona," Zubizarreta said.
"He can play in every position in the centre of the pitch, is in superb physical condition and of an age that mixes youth with experience."