Euell joins the Tangerines as a free agent following his release from Southampton at the end of last season. His contract includes an option for a further season at Bloomfield Road.
"I had a meeting with Ian last week and it was a good, funny chat to discuss football as well as other things," Euell told Blackpool's official website.
"It swayed for me to want to be here and be part of what Ian's trying to achieve in moving the club forward. I want to be part of that."
Swansea City have signed Jordi Lopez, the first signing for new manager Paulo Sous.
The 28-year-old has penned a two-year contract at the Liberty Stadium following a short spell with Queens Park Rangers.
Tranmere Rovers have signed West Bromwich Albion goalkeeper Luke Daniels on a season-long loan deal.