Ovalle “is a world-class talent and a well-known winner, and her arrival in Orlando marks another step in our journey to position our pride among elite clubs in women’s football around the world.”
Ovalle began her career at Tigres in 2017 and helped them win six league titles.
She left the Mexican club to become their leading scorer in history, having 294 appearances, 136 goals and 103 assists during her eight-year stay.
Ovalle also won 81 international blocks for Mexico, scoring 20 goals and was included in the game at the CONCACAF W Gold Cup in the United States in 2024.
Last year, the Pride signed Barbra Banda, the Zambian striker of Chinese club Shanghai Club for £581,000 – the second most expensive transfer in women's football.
Ovalle will join a team joined by Brazilian legend Marta and British goalkeeper Anna Moorhouse.
Chelsea signed U.S. defender Naomi Girma in January but is now ranked third in the most expensive female transfers.