The highly rated Spain international was announced as signing a seven-year deal at Stamford Bridge just hours after the club confirmed the sale of Thibaut Courtois to Real Madrid pending the completion of a medical.
Kepa, 23, came close to joining Madrid in January before a late change of heart led him to see out the campaign with Bilbao.
He now heads to the Premier League as the most expensive goalkeeper in history, eclipsing the £65million fee Liverpool paid to take Alisson from Roma in July.
Chelsea were compelled to activate Kepa’s eye-watering release clause as they scrambled to find a replacement for the outgoing Courtois prior to the closing of the transfer window on Thursday.
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