Michael Keane is expected to complete his move to Everton this week
The cash outlay reflects both their improved finances since the arrival of co-owner Farhad Moshiri, the Iranian billionaire who bought a 49.9 percent stake previous year, and the possible departure of striker Romelu Lukaku, who is expected to join either Chelsea or Manchester United for a fee of up to 100 million pounds.
Keane said "I'm absolutely delighted to be at Everton, a fantastic football club with passionate fans and a great tradition".
Keane made his senior England in a friendly against Germany in March and also featured in the World Cup qualifying win over Lithuania four days later.
"It's another really positive sign of the direction the club is moving in".
Having become Burnley's most expensive player in history, Keane said the chance to work with former Netherlands and Barcelona defender Ronald Koeman was too good to turn down.
"First and foremost, the manager was a big factor in me coming to the Club". He played in my position when he was a world-class player for a great Barcelona side and a great Dutch side and the style of football he likes to play will suit me.
First, there was the one-day, double-swoop last month that brought goalkeeper Jordan Pickford and midfielder Davy Klaassen to Merseyside for a combined $68 million. I wanted to come somewhere I was wanted by the staff, players and fans as well.
He made 35 Premier League appearances for the Clarets last campaign, and was linked with the likes of Liverpool and Chelsea in January.
Dutch global midfield player Davy Klaassen has arrived from Ajax Amsterdam for 27 million euros ($30.68 million) and Spain Under-21 worldwide striker Sandro Ramirez from Malaga.