Manchester City have activated the release clause in Atletico Madrid midfielder Rodri’s contract, the LaLiga club have announced.

The 23-year-old was tied to Atletico until 2023, but City have met the reported £62.6million asking price to pave the way for his departure.

A statement on the Spanish club’s website said: “LaLiga has informed Atletico de Madrid that Rodrigo Hernandez, 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.”

The Spain international began his career in Atletico’s youth ranks before moving to Villarreal in December 2015.

He made 47 appearances for the club last season as they finished runners-up to champions Barcelona and eight points clear of derby rivals Real Madrid, and eight more for his country.

Rodri would become City’s record signing with his fee eclipsing the £60million City paid Leicester for Algeria international Riyad Mahrez last summer.