A world-record deal has been struck between Barcelona and Manchester City.
The previous record for a female player was set in 2020 by Pernille Harder, who was paid more than half a million dollars.
Walsh had a year left on her contract and decided to leave.
Lucy Bronze also left Manchester for Barcelona.
Walsh played a key role in England's victory at the European Championships.
She was the player of the match in the final win over Germany.
The Catalan club won their third consecutive title last season.
Putellas, who won the Ballon d'Or last year, suffered a torn anterior cruciate ligament while training with Spain in July.
Since making her debut for City, Walsh has made over 200 appearances and won eight major trophies.
She played in the Women's Super League for 18 times and scored once.
Walsh has made 50 appearances for the Lionesses.
England's Georgia Stanway and Scotland's datememe datememe datememe are two of the players that City have lost this summer.
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