PSV has sold captain Georginio Wijnaldum to Newcastle United, the Dutch club announced.
The 24-year-old midfielder underwent a medical and signed a contract for five years at the Magpies.
According to Dutch football magazine Voetbal International the transfer fee is around 20 million Euros ($22.3 million). Earlier this summer PSV already received 27 million Euros from Manchester United for the 21-year-old forward Memphis Depay.
"Unfortunately we are losing a wonderful player and a fantastic person, but he deserves this move," Xinhua quoted technical manager Marcel Brands as saying on Saturday.
Dutch international Wijnaldum joined PSV from Feyenoord in the summer of 2011. He won the Dutch Super Cup (2012), the Dutch Cup (2012) and the Dutch league title last season. In total, he played 154 official matches, where he scored 57 times.
