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Konate, who shone for Senegal at the London Olympics, scoring five goals, had been linked with a host of top-flight clubs including Sunderland, Stoke and West Brom.
But the 19-year-old, who has three caps for his country, has chosen to sign a three-year contract at Krasnodar with the option for a further year.
He told Sky Sports: "I am happy to go to Russia with Krasnodar.
"I waited on a lot of different clubs but Krasnodar showed they want me and will count on me, compared to some clubs where I didn't believe I would play first-team football yet.
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"I am 19 years old and I think I can play on the biggest stage."
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