The 31-year-old had also been linked with Liverpool, Aston Villa and Sunderland during an uncertain summer on the South Coast.
But he signed for the Toffees after passing a medical at Finch Farm on Friday morning.
Distin could now make his Everton debut against Wigan Athletic at Goodison Park on Sunday.
"He'll give me a centre half," Moyes told the club's official website. "I needed one before Joleon (Lescott) left and he'll give me a direct replacement for him. He's a left-footed centre back, which I wanted.
"He's a bit older but more experienced and I look back at how well Davey Weir and Alan Stubbs did for us in their 30s, and I hope Sylvain can do the same.
"We need someone to come in and keep us steady because we want to be competing at the top end of the Premier League."
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