Manchester City are set to complete the signing Rodri from Atletico Madrid after the La Liga side confirmed they received the €70 million to cover the Spain international's buyout clause.
Sources had told ESPN FC at the end of June that City were closing in on the club-record deal and the activation of Rodri's buyout moves them one step closer to bringing the 23-year-old to the Etihad.
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"La Liga has informed Atletico 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," an Atletico statement read. "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."
Rodri was member of Atletico's youth team before he joined Villarreal in 2015. 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.
Rodri will become City's first signing of the season once his move to the Etihad is confirmed.
Later in the day, City announced they had re-signed left-back Angelino from PSV Eindhoven a year after they sold him to the Dutch club.
The 22-year-old Spanish defender signed a four-year contract which will keep him at the club until 2023, with British media reporting City activated a £5.3 million buy-back clause in his contract.
"I am thrilled to have rejoined City, a side playing incredible football under Pep Guardiola," Angelino said in a statement. "Watching them while playing in Holland has been a pleasure.
"City's performances over the last two seasons have been incredible and I am very excited about returning and contributing to the club's bid for more success."
He did not make a single league appearance for City during his first stint but made more than 40 appearances for PSV.
City will kick off their 2019-20 Premier League season with an away trip to West Ham United on Aug. 10.