Shakhtar Donetsk have agreed to sell Alex Teixeira to Chinese club Jiangsu Suning for 50m euros (£38.4m).
The Brazil midfielder, who was a target for Premier League side Liverpool, becomes the latest high-profile signing for the Chinese Super League.
Former Chelsea midfielder Ramires and ex-Atletico Madrid forward Jackson Martinez recently moved there.
The fee for Teixeria, 26, sets a new transfer record in China, eclipsing the £31m for Martinez earlier this week.
It is the third time the record has been broken in the last 10 days as Super League clubs spend big before their transfer deadline shuts on 26 February.
Ramires was sold to Jiangsu Suning for £25m, quickly followed by Martinez to reigning champions Guangzhou Evergrande Taobao.
Liverpool had been closely linked with a move for Teixera during the January transfer window, with Shakhtar claiming they rejected a £24m offer from the Reds for the attacking midfielder.