ESPN reported on Sunday that Brazil's joint all-time top scorer Neymar was close to agreeing personal terms with Al Hilal as the two clubs negotiated a deal. He will now join Al Hilal on a two-year contract with the option of a third.
Al Hilal are one of four clubs -- along with Al Nassr, Al Ahli and Al Ittithad who were taken under the ownership of Saudi Arabia's Public Investment Fund in June as part of the country's so-called "Sports Clubs Investment and Privatization Project."
Saudi Pro League clubs have pursued an aggressive recruitment strategy in this transfer window, offering lucrative contracts to some of the sport's biggest stars.
PSG made Neymar the most expensive footballer of all time in 2017 -- a record he still holds -- when they dramatically signed him from Barcelona in a €222m deal.
Neymar's move away from PSG brings an end to a tumultuous six years in the French capital, where he often struggled with injuries and off-field issues.
Neymar has won five Ligue 1 titles and 13 domestic honours in total with PSG, as well as finishing as runner-up in the 2020 Champions League final.