Centre-back Botman, who has been capped by Netherlands at under-age level, had also attracted interest from AC Milan.
Newcastle also tried to sign him in January and, having finally landed his main summer target, manager Eddie Howe has strengthened his entire defence since taking charge last November.
Botman made his way through the Ajax youth teams before completing a move to Ligue 1 side Lille in 2020 for £7.2m, where he has made 79 appearances across all competitions.
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