Norwich City have completed the signing of defender Ryan Bennett from Peterborough for an undisclosed fee.
The England U21 international signed a three-and-a-half-year deal and will be immediately loaned back to the Posh.
"I'm delighted we have signed Ryan, he's made a bright start to his career and he's got so much potential," said Norwich boss Paul Lambert.
"He can play, he's got great vision, he's comfortable on the ball, and he's a good age too."
Peterborough say the fee is larger than their previous record deal, when Craig Mackail-Smith joined Brighton in the summer.
Bennett has been an ever-present for Peterborough in the Championship this season and made 34 league appearances last season as they secured their promotion from League One via the play-offs.
The 21-year-old will return to London Road until 28 February and will be available to make his Canaries debut in the Premier League clash with Stoke City on 3 March.
Lambert added: "He'll be staying at Peterborough initially but will join us in time to be available for the Stoke game, and when he does come in he will provide more competition for places in defence."
Bennett began his career at Grimsby, making 117 appearances before joining Peterborough for £500,000 in January 2010 following a successful loan spell.