In a statement on Atletico Madrid's official website, the La Liga side confirmed that Rodri and Man City representatives had been at the La Liga headquarters 'to exercise the rescission clause of the player'.
Rodri's departure will secure a considerable profit for Atletico, who spent 20 million euros last summer to re-sign him from Villarreal after he was released from their youth ranks as a youngster.
He became the fifth player to leave Atletico ahead of the upcoming season after Lucas Hernandez's transfer to Bayern Munich was announced in March and Diego Godin and Juanfran Torres's contracts ended on June 30.
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He moved back to Atletico 12 months ago and made 47 appearances in all competitions last season, including 34 in La Liga as Atletico finished runners-up to Barcelona.
Asked why City are considered a bigger attraction than rivals United, Rodri told reporters: "Maybe they have changed the story". "Few people read the game alone".
The 23-year-old Spain worldwide instantly made himself a key figure in Atletico's combative midfield after joining from Villarreal a year ago and will hope to do the same at the Etihad.
He has also picked up six caps for Spain and won the UEFA Super Cup with Atletico. So what convinced them to make a move for the 23-year-old?