The 26-year-old has joined Ipswich on a five-year deal, keeping him at Portman Road until the summer of 2031.
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It’s understood the deal consists of an initial fee of £16 million, plus £3m in add-ons, as Luis becomes the latest player to leave Burnley following their relegation.
Luis was also heavily linked with a move to fellow Premier League new boys Hull but ultimately opted to join Gary O'Neil’s side.
“How the club is thinking to the long-term is one of the main reasons I came here,” Florentino said in an official club statement.
“I can bring experience and balance to the team, between defence and attack, and I like to bring the connection.”