Moreno, 27, has joined Phillip Cocu's men on a four-year deal for a fee reportedly in the region of €3.5million. It means a return to the Netherlands for Moreno, who spent three and a half years at AZ Alkmaar before moving to Espanyol in 2011.
"This is a good move," Moreno told www.psv.nl. "At PSV I can fight for the title and play in the UEFA Champions League. I was ready for a new challenge and PSV have provided that.
"My football and personality have grown during my time in Spain. I have played against some of the best players in the world. That is why I am a better player now than during my first spell in the Netherlands."
PSV kicked off the season with a 2-2 draw at ADO Den Haag this week, with Cocu's side facing Groningen on Sunday.
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