City sign £50million Nico Gonzalez - paying £8m more than his release clause

Manchester City have completed the £50million signing of midfielder Nico Gonzalez from Porto.

City took their spending in the transfer window to £175m with the capture of the Spaniard, who has signed a four-and-a-half-year deal until 2029. The 23-year-old, who will wear the No.14 shirt, is City's fourth January arrival, following the signings of Abdukodir Khusanov, Vitor Reis and Omar Marmoush.

Gonzalez said: “This is the perfect opportunity for me at this stage of my career. I'm 23 and I want to test myself in England. There’s no better club than Manchester City for me to do that. Look at the squad they have her - it’s unbelievable, full of world -class players. There isn’t a footballer in the world who would not want to be part of this setup.

“I know the reputation Pep has and I cannot wait to work with him. In fact, I'm honoured he wants me to play in his team. I'm truly excited. I just want to meet my team-mates and the staff here and then I want to play in front of the City fans.”

City director of football Txiki Begiristain said: “Nico is a very talented young midfielder. He's an ideal acquisition. It was a difficult transfer to complete because his performances have been outstanding and he has been such an important part of what Porto are doing this season.

"We're really happy we have managed to get this done before the window closed. He's ready to help us in the second half of the season as we compete in the Premier League, Champions League, FA Cup and Club World Cup.”

Although Gonzalez had a £42m release clause in his contract, City are understood to have offered close to £50m for the player, in exchange for a more favourable payment structure of the deal.

City have been looking to add a central midfielder to bolster their squad ever since Ballon d'Or winner Rodri suffered a torn anterior cruciate ligament against Arsenal last September, which ruled him out for the season.

Gonzalez, who came through Barcelona's famed academy, just like City boss Pep Guardiola, has scored seven goals and produced six assists in 29 appearances for Porto this season. The Spain Under-21 international's versatility in being able to play a range of midfield positions made him an attractive option for City, who have suffered hugely with the enforced loss of Rodri.

City's positive net spend over recent years has enabled them to strengthen significantly in this window, with the Premier League champions, currently in fourth place, 15 points behind leaders Liverpool, in danger of missing out on a Champions League spot for the first time since 2010.

Guardiola's struggling champions, who face holders Real Madrid in a two-leg play-off to reach the Champions League knockout stage, were thrashed 5-1 by Arsenal at the Emirates Stadium on Sunday.