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The 25-year old completed his move to the Portuguese giants from Lorient on Friday.
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Waris, who signed for Lorient in the summer of 2015, had been keen to leave the club following their relegation to the French second-tier last year.
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He made 56 appearances for Lorient, scoring 20 goals.
Porto manager Sergio Conceicao is said to be a big fan of Waris and played a key role in the transfer.
Waris is expected to be drafted in Porto squad for Champions League knockout phase. The Portuguese giants are up against Liverpool in last 16 stage.
Porto confirmed the news on their official twitter handle:
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