Manchester City have signed Rodri from Atletico Madrid for a club-record fee after activating his reported €70million (£63million) release clause.
Atletico announced on Wednesday the midfielder's exit clause had been deposited at LaLiga headquarters by Rodri's lawyer and City representatives, freeing him from his contract.
The Premier League champions then confirmed on Thursday the Spain international has signed a five-year deal, becoming their second arrival of the week after full-back Angelino was brought back from PSV.
Rodri's move eclipses the £60m City paid to sign Riyad Mahrez from Leicester City in July 2018.
He only joined Atletico from Villarreal a year ago, signing a five-year deal at the Wanda Metropolitano.
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.
Rodri will be expected to provide competition for Fernandinho, while further strengthening the midfield options for Pep Guardiola's side.