The 6-foot-11, 240-pound Turner was the No. 11 selection last month. Terms were not disclosed, though he is expected to make about $2.4 million next season.
Turner averaged 10.1 points, 6.5 rebounds and 2.6 blocks in his only season at Texas and averaged 18.7 points in three games with Indiana's summer league team in Orlando, Florida.
He joins a large class of newcomers who are helping Indiana make the switch to a faster-paced offense.
The Pacers have called a news conference for Tuesday afternoon with forward Chase Budinger, guard Monta Ellis and center Jordan Hill -- all of whom have been acquired in the past week through free agency or trades.