Everton acquired Croatian striker Nikica year deal.
Jelavic, 26, scored 36 goals in just 55 games for Rangers. Capped 17 times for Croatia, he scored 40 goals in 93 games for Rapid Vienna from 2008-10. Jelavic joined Rangers for $6.3 million, but his latest price was not disclosed.
He follows short-term loan signing Landon Donovan and Darron Gibson to Everton this January.
Jelavic was not eligible for Tuesday's match against Manchester City, but will be in line for his debut Saturday at Wigan.