The 22-year-old winger, who impressed on loan at Juve last season with seven goals and four assists, was linked with an immediate return to Turin, but negotiations with Porto proved complex.
Juventus initially sought to structure the deal with instalments over five years - a proposal the Portuguese club rejected. A revised agreement was eventually reached, with payment spread over four years, according to Flashscore sources.
“Porto have reached an agreement with Juventus for the permanent transfer of the sporting registration rights and 100% of the economic rights of Francisco Conceição for a fixed sum of €32m,” the Liga Portugal side said in a statement.
As part of the deal, Conceição waived a clause entitling him to 20% of the net transfer fee, a sum thought to be around €6m, in order to facilitate the move.
Porto will also receive an additional €9.5m relating to the player’s loan spell during the 2024/25 season, bringing their total earnings from the transfer to €41.5m.
While Juventus remained the frontrunners throughout, the Portugal winger had also attracted interest elsewhere in Europe, including a brief link with Everton.
The Premier League club monitored his situation earlier in the summer, but no formal offer was agreed upon before Juve finalised the deal.