The 28-year-old spent 12 years at Arsenal, scoring 108 goals in 397 matches, reports Efe.
"I'm very ambitious and I've come here because I want the club to push to the next level," Walcott said after the signing, according to an item on Everton's official website on Wednesday.
"I'm very excited to be starting a new chapter and I felt this was the right place for me to be," he said.
The forward, who cost the Merseyside club some 22.6 million euros ($27.6 million), described Everton coach Sam Allardyce as very ambitious and said that his new team "is going in the right direction."
"I do really believe that I'm going to give it my all, which is what I always have done, and this place is going to get even more out of me," Walcott said.
"I am thrilled," Allardyce said, adding that Walcott "has a lot of experience and will hopefully provide a lot of excitement for the Everton fans and for us, in terms of getting results, assists and scoring goals."
The arrival of Walcott, who has eight goals in 47 appearances with England's national team, follows Everton's acquisition from Besiktas of striker Cenk Tosun.
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