The transfer will make Walker the most expensive Englishman in history ahead of Raheem Sterling (£49m) and John Stones (£47.5m) and also puts him level with David Luiz's 2014 move from Chelsea to Paris Saint-Germain as the world's joint most expensive defender of all time.
Walker has signed a five-year contract at the Etihad Stadium and will take over as starting right-back following the summer releases of Pablo Zabeleta and Bacary Sagna. He will wear the number two shirt that has been vacant since Micah Richards' departure in 2015.
Walker is the third major arrival at City this summer following the existing captures of Bernardo Silva and Ederson Moraes from Monaco and Benfica respectively, taking spending up to £127m.
Speaking to the club's website, he said: "
Now 27 years of age, Walker began his career at boyhood club Sheffield United, making his first-team debut as a teenager in 2008. He joined Tottenham for around £4.5m in 2009 and had played close to 230 times for the north London club before leaving.
Having lost out on Dani Alves after the veteran Brazilian chose to join PSG instead, City are still expected to chase another right-back before the transfer window closes. The alternative for Pep Guardiola would be to promote 20-year-old Pablo Maffeo to a permanent first-team role.