Atletico said the player's lawyers and representatives from City paid the release clause to La Liga on Wednesday.

Rodri, 23, has therefore terminated his contract with Atletico, which was due to run until June 2023.

It will beat City's previous record of £60m in signing Riyad Mahrez in 2018.

Rodri joined Atletico in May 2018 after three years at Villarreal and made 34 league appearances as they finished second in Spain's top flight.

He made his international debut in a friendly against Germany last year and has made six senior international appearances.

City had made Rodri one of their main targets this summer, with manager Pep Guardiola keen to sign a defensively minded player to bolster the Premier League champions' squad.

Angelino rejoins City

On Wednesday City announced that they have brought full-back Angelino back to the club from PSV Eindhoven.

The 22-year-old Spaniard left City for PSV Eindhoven in 2018 after failing to make a Premier League appearance in his six years with the club.

City inserted a £5.35m buy-back clause in the deal, a figure far below the Spaniard's market value given his form at PSV last season.

Guardiola has decided to activate the clause in order to bolster his options at left-back, which also include Oleksandr Zinchenko, who signed a long-term contract earlier this summer, and Benjamin Mendy, a £52m arrival from Monaco in 2017.

Angelino has signed a four-year deal which will keep him at Etihad Stadium until 2023.