The Toffees officially announced the deal - reportedly valued at £27 million - at half-time of their FA Cup game on Friday.
Tosun, a 26-year-old Turkey international, won the Super Lig twice with Besiktas in 2016 and 2017. He also enjoyed previous stints with Eintracht Frankfurt and Gaziantepspor.
"It feels great to be an Everton player," he told the club's website. "I'm really happy to be here and happy that everything is done. I'm really excited to play for Everton as soon as possible. Everton is a great club with a big history and a big culture and I'm looking forward to showing the fans the kind of player I am.
"I bring my skills here and everybody is going to see what kind of player I am. I believe I can be a good player in the Premier League for Everton.
"The Premier League is a strong league, I know that, so my own physical strength will help me. Also I can use both feet the same and I believe I am a good striker in the box.
"I'm really looking forward to training with my teammates and getting to know them and, of course, I want to play as soon as possible. The Tottenham game will be the first game I am available for and I'm very excited about it already.
"I'm really excited to work with my new teammates because Everton has really, really big names, big players. I'm excited to play with them and to learn from them as well, players like Wayne Rooney and the very good creative players we have here, too. They can help me score goals.
"I know the guys as I've always watched Everton's games from Turkey, so I know a bit about the team already. I hope they can make a lot of assists for me!"
Speaking about the transfer on Thursday, Allardyce said: "Hopefully he will come to the club and show he is good value for money. If we get the transfer done and he is successful for us by scoring goals it will be an exceptionally good deal for us.
"We've searched high and low for a long time at the club before I arrived. This one was one we focused on as quickly as we can.
"We're trying at the moment to cure one of the areas where we have a problem. It's a huge pressure on the lad, I hope he can live with it, we all do. There's no guarantee you can hit the ground running."
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