Navas had become the backup to Thibaut Courtois at Real Madrid after three Champions League titles.
Keylor Navas' permanent move to Paris Saint-Germain has been confirmed, with French keeper Alphonse Areola going the other way to join Real Madrid on a season-long loan.
Navas joined Real Madrid in 2014 off the back of an excellent season with Levante and went on to make 162 appearances for Los Blancos, winning 12 trophies along the way - including three Champions League titles.
The Costa Rican had established himself as the number one at the Bernabeu, but he saw his game time restricted following the arrival of Thibaut Courtois last summer and he was only able to make ten league appearances in a largely frustrating season.
Real Madrid confirmed the news on their website, publishing a statement that read:
"Real Madrid CF and Paris Saint-Germain have agreed to transfer Keylor Navas. The club wants to show its gratitude and love for his behaviour and performances over the five seasons he has played for Real Madrid.
"Keylor Navas has been part of one of the most important stages of our history, in which he has won 12 titles, including three European Cups. Real Madrid wishes you the best in your new career."
As mentioned, the deal also see Areola join the club on loan for the season, where he is set to act as backup to Courtois.
PSG confirmed the news that Areola would be moving the other way:
"The 26-year-old shotstopper, capped three times for France, is under contract with Paris Saint-Germain until 2023. The loan deal with Real Madrid does not include a purchase option."
The Frenchman started PSG's opening three games of the season, but he wasn't in the squad during their recent 2-0 win over Metz, being replaced by youngster Marcin Bulka.
🆕 @AreolaOfficiel joins @realmadriden until 30th June 2020. ✍️— Paris Saint-Germain (@PSG_English) September 2, 2019
The 26-year-old shotstopper, capped three times for France, is under contract with Paris Saint-Germain until 2023. The loan deal with Real Madrid does not include a purchase option. pic.twitter.com/2J9UNb5aXJ
PSG have also already covered for the loss of Areola, having already secured the loan signing of Sergio Rico, who spent last season on loan at Fulham.