Atletico Madrid has confirmed Manchester City has paid Rodri's release clause, with the midfielder set to join the Premier League champion.
The Spain international had been strongly linked with a move to City for some weeks and a switch to England now appears imminent, with Atletico confirming his contract at the Wanda Metropolitano has been terminated.
An Atletico statement read: "LaLiga has informed Atletico 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, 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."
Rodri only joined Atletico from Villarreal a year ago, signing a five-year deal as he returned to the club he represented as a child.
The 23-year-old made 47 appearances in all competitions as Diego Simeone's side won the UEFA Super Cup and finished as runners-up to Barcelona in LaLiga.
He also established himself as a mainstay in the Spain squad, with many viewing him as the long-term successor to Sergio Busquets in holding midfield.
Assuming his move to City goes ahead as planned, he will become the club's new record signing, eclipsing the £60m (€68m) they paid for Riyad Mahrez from Leicester City 12 months ago.
Rodri will be expected to provide competition for Fernandinho in midfield, while further strengthening the central options for Pep Guardiola's side.
The departure will come as another blow for Atletico after Antoine Griezmann announced his desire to leave the club, while captain Diego Godin left for Inter.
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