The signing of Cavani is believed to represent a transfer record for the French top flight; the previous most expensive signing was Colombian international Radamel Falcao, who moved from Atlético Madrid to newly promoted Monaco for a reported £50m.
Incidentally, like Cavani, Falcao also rejected rumoured interest from the Premier League. And with Spain international David Villa similarly snubbing Tottenham and moving to Atlético from La Liga champions Barcelona, there appears to be a trend of top strikers ignoring the riches on offer in England for those on the continent.
Chelsea and Manchester City were keen on the 26-year-old Cavani, who scored 29 goals from 34 Serie A games last season. However, neither Premier League club was willing to meet Napoli's valuation of the player, leaving the path clear for the French club.
The South American is set to compete with Swedish international Zlatan Ibrahimovic for the striker's position in Laurent Blanc's team in the French capital. However, this is only if the former AC Milan, Inter Milan and Barcelona striker stays put this summer.
There has been considerable speculation over the 31-year-old forward's future, with reports suggesting the arrival of Cavani has angered and unsettled the goal scorer. Ibrahimovic - who has won 10 league titles over the past 12 years (in Spain, Italy, Holland and now France) - has been linked with moves to the Premier League and Manchester City.
Meanwhile, PSG president Nasser Al-Khelaifi, while presenting Cavani, spoke about the club's ambitious sporting project and praised his new signing as one of the best players in the world.
"The transfer of Edinson Cavani is further proof of the club's ability to attract the best players in the world. The player was seduced by the club's sporting project and is delighted to be joining an ambitious side, impatient to take on new challenges," the 39-year-old Qatari national explained.
Al-Khelaifi, a former professional tennis player, also said the club's transfer plans were far from complete this summer and hinted at possible moves for Brazilian centre-back Marquinhos and French left-back Lucas Digne.
He also stressed there was no chance of Brazilian international defender Thiago Silva leaving for Spanish champions Barcelona. The 28-year-old former Milan star is regarded as one of the finest central defenders in the world and a Reuters report has linked Tito Vilanova with a €40m bid.
"Transfers are not finished for PSG this summer. We will go for another player. Marquinhos and Digne... are two young players. We are discussing with their clubs right now," he said, adding, Thiago will not leave for Barcelona. He has a four-year contract left. He will definitely be with us."