Rankine filed a trade request to move back to his home state in August, with lengthy negotiations between the Crows and Suns having taken place since.
After haggling over the package that will be sent to Queensland in return for the 22-year-old, the Crows have confirmed Rankine will join them alongside Pick 46 and a future fourth round selection (tied to Fremantle). In exchange, the Suns will receive Pick 5, a future third and a future fourth round selection.
The 22-year-old has inked a three-year deal with the Crows, committing to the club until at least the end of 2025.
Rankine's departure is a sour one for the Suns, who recruited the West Adelaide product with the third overall selection at the 2018 National Draft.
The lively forward enjoyed a career-best campaign in 2022, booting 21 goals from 18 games while sharing his workload in the midfield. He managed 48 games for the Suns across three seasons, having missed his entire rookie year due to injury.
Adelaide General Manager List Management and Strategy Justin Reid said the club was thrilled to welcome Rankine.
“We are thrilled to have Izak join our Club and are excited about what he will bring to our team,” Reid said.
“Izak is a highly talented footballer with great foot speed, is dangerous around goal and has tremendous game sense.
“We are very pleased that he wants to be part of what we are building at the Club.
“We can't wait to welcome Izak to the Club as he begins pre-season training with his new teammates and gets to play in front of our passionate Members and fans at Adelaide Oval.”