The 21-year-old has committed to a three-year deal with Roberto Martinez's side but has a release clause which allows Barca to bring him back to Camp Nou within the next two years
Everton have completed the €6 million (£4.2m) signing of Gerard Deulofeu from Barcelona.The 21-year-old, who spent the 2013-14 season on loan at Goodison Park, has signed a three-year contract, while Everton have the option of extending the deal for a fourth term.
Deulofeu's contract includes a release clause which will enable Barcelona to sign the winger within the next two years. The Spanish champions will also have first refusal if Everton decide to sell the player.
“Gerard needs no introduction to anyone here at Everton, for we are all well aware of his incredible footballing talent,” Everton boss Roberto Martinez told the club's official website.
“We got to know him really well from his loan period, not only as such a talented player but also his great character. He will be a fantastic asset to our club.”
Deulofeu scored four goals in 29 appearances during his first spell with Everton, while he made only 17 La Liga appearances during his season-long loan stint with Sevilla last term.
Deulofeu becomes Everton's second transfer this summer after the club completed the signing of Tom Cleverley on a free transfer from Manchester United earlier in June.