Rodri Hernandez has become Manchester City's record signing after the Premier League champions paid his £63million release clause.
City are set to officially announce the signing of Rodri within the next 24 hours after paying the Atletico Madrid midfielder's release clause in Spain.
Omar Berrada, City's chief operating officer, completed City's end of the deal at La Liga's headquarters in Madrid, with Rodri expected be officially introduced by his new club later this week.
Under Spanish football regulations, Rodri had to pay his own release clause, so City forwarded the funds to the player to allow the 23-year-old to terminate his contract with Atletico.
That money was paid to La Liga, who in turn forwarded it to Atletico, to complete the transfer transaction, which means Rodri will become Pep Guardiola's first summer signing.
Atletico released a statement which read: "LaLiga has informed Atlético de Madrid that Rodrigo Hernández, through his lawyer, and representatives from Manchester City, paid the player’s release clause at the sports association’s headquarters on Wednesday, July 3.
"Manchester City has paid the buyout clause on behalf of the player. The player has therefore unilaterally terminated his contract with our club, which ran until June 30, 2023."
The deal eclipses the £60m City paid Leicester for Riyad Mahrez last summer, but Rodri's status as the Blues' most expensive signing may turn out to be short-lived.
City still hope to sign Leicester and England defender Harry Maguire, but their pursuit of him has been complicated by Manchester United bidding £70m for the defender.
Leicester value Maguire at £90m, but City are unwilling to go above £65m for the 26-year-old, which could ultimately price the World Cup star out of a move to the Blues, his first choice over United.
