The Ivorian striker joins from Wigan Athletic, following manager Roberton Martinez to Goodison Park.
Kone had also been linked with a move to Newcastle, but has elected to move to Everton, joining the club for an undisclosed fee.
A statement on the club's official website read: "Everton have boosted their strikeforce with the signing striker Arouna Kone on a three-year deal.
"Having played international football at the end of last season Kone is set to link up with his new team-mates later this month."
The 29-year-old was a first-team regular for Wigan last term after being signed by Martinez from Levante in August 2012.
Kone impressed in his short spell at Levante, scoring 17 goals in 39 appearances.
He continued that good form at the DW Stadium netting 13 times in 38 games and helping Wigan the first major trophy in their history as they beat Manchester City to secure the FA Cup.
However, despite his consistency in his first season in English football, he was unable to prevent Wigan from succumbing to relegation
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