Atletico Madrid have announced that Manchester City have triggered the release clause in Rodri's contract with the Spanish club, leaving him free to join the English champions.
Rodri is now set to become the first permanent signing of the summer transfer window for the Citizens, who are looking to strengthen their squad further after securing a historic domestic treble in 2018/19.
Atletico confirmed the news on their club website. A statement reads: "Representatives from the player (Rodri) and the English club went to the La Liga headquarters to pay the release clause.
"La Liga has informed Atlético de Madrid that Rodrigo Hernández, 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."
Manchester City pays Rodrigo's buyout clause at LaLiga headquarters. The player has unilaterally terminated his contract with our club.— Atlético de Madrid (@atletienglish) July 3, 2019
Rodri's departure from Atletico was heavily hinted at during the recent unveiling of Marcos Llorente, as the former Real Madrid man was given Rodri's number 14 shirt.
City have pipped the likes of Paris Saint-Germain and Bayern Munich to Rodri's signature, who both expressed a keen interest in sealing a deal for the 22-year-old following his impressive brief spell in the Spanish capital.
The midfielder joined Los Colchoneros from Villarreal last summer and went on to make 47 appearances in all competitions, registering three goals along the way.
He's been brought in to the City set-up to provide support for Fernandinho, who has been virtually irreplaceable under Pep Guardiola over the past few seasons.