The 24-year-old met with Toffees officials in Hamburg on Monday - he is permitted to enter Germany with a Russian passport without a visa - and signed a five-year contract.
Bilyaletdinov will now return to his homeland to complete the formalities of a visa application to enter the UK.
"We are delighted to have secured the services of Diniyar," Everton chief executive Robert Elstone told the club's website.
"I know David Moyes has wanted to bring him to Goodison for some time and we look forward to welcoming him."
Bilyaletdinov will not be eligible for Thursday's Europa League play-off second leg against Sigma Olomouc and is unlikely to be in England for Sunday's Barclays Premier League match with Wigan Athletic.
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