Manchester City have paid the buyout clause for Atletico Madrid midfielder Rodri, the La Liga club have announced.
Rodri, 23, had been under contract with the Atletico until 2023, with the release clause reported to be set at around £62.6m (€70m).
Atletico Madrid said representatives of the player and from the Premier League side had paid the required fees at the La Liga headquarters on Wednesday.
A statement on the Spanish club's website read: "La Liga has informed Atletico de Madrid that Rodrigo Hernandez, through his lawyer, and representatives from Manchester City, paid the player's release clause at the sports association's headquarters on Wednesday, 3 July.
"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 to sign Rodri is set to see the midfielder become City's record signing following the €66.8m arrival of Riyad Mahrez from Leicester last summer.
Rodri had been in Atletico's youth ranks before being released and eventually joining Villarreal.
The midfielder returned to the Madrid club during May 2018, his release clause said to be set at some €70m, and played in the Champions League last season.