Less than a month after the world-record arrival of Brazilian icon Neymar in the French capital and only hours before a record-breaking transfer window closed, 18-year-old Mbappe joined PSG on a season-long loan.
The France striker is expected to sign for €180 million next year in a move designed to prevent PSG falling foul of UEFA's Financial Fair Play regulations.
"It is with great joy and pride that I join Paris Saint-Germain," said Mbappe. "I really wanted to be a part of the club's project, which is one of the most ambitious in Europe."
PSG President Nasser Al-Khelaifi hailed Mbappe, who burst onto the scene in the second half of last season with 15 goals in 29 appearances in Monaco's run to the French title, as a star of the future.
"Among players of his age, he is without doubt the most promising in the world," he said.
Paris Saint-Germain's sensational €222 million capture of Neymar from Barcelona earlier this month has sent transfer fees skyrocketing across the continent.
Barcelona have already spent €105 million, rising to €145 million, to lure France starlet Ousmane Dembele from Borussia Dortmund.
But Liverpool continue to resist Barca's attempts to lure Neymar's Brazil teammate Philippe Coutinho to Camp Nou, having rejected three offers for the playmaker.
Liverpool and Arsenal have been linked with Monaco winger Thomas Lemar.
However, with deadline day clashing with a round of World Cup qualifying matches, Lemar spent Thursday preparing for France's game against the Netherlands at Stade de France.
As Arsenal looked unlikely to complete the signing of Lemar, Manchester City's pursuit of Alexis Sanchez was dealt a knock-on blow despite Pep Guardiola's side upping their bid for the Chilean star.
British media reported that having seen a £50 million offer for Sanchez rebuffed, City had returned with a second bid of £55 million plus add-ons.
Liverpool and Tottenham Hotspur completed moves for Arsenal's Alex Oxlade-Chamberlain and PSG's Serge Aurier respectively as record Premier League spending soared above £1.2 billion.
Liverpool are reported to have spent £35 million on Oxlade-Chamberlain, who is believed to have signed a five-year contract.
The 24-year-old England midfielder is thought to have rejected a new contract offer from Arsenal and an approach from Chelsea, both of whom were prepared to pay him more money.
"I know my choice might come as a surprise to many and the decision to leave was tough after being a part of the club for so many years," said Oxlade-Chamberlain in a Twitter post. "But I feel that this move is right for the next stage in my ongoing development."
COMMENTS
Comments are moderated and generally will be posted if they are on-topic and not abusive.
For more information, please see our Comments FAQ