Manchester City completed their swoop for Fiorentina forward Stevan Jovetic on Friday as the Premier League club’s close-season spending spree reached STG83 million ($A138 million).

“Manchester City are delighted to announce the signing of Stevan Jovetic from Fiorentina,” a statement on the club’s website confirmed.

“The 23-year-old Montenegro international will now join up with his new team-mates over the weekend.”

Jovetic, reported to have cost City STG22.4 million ($A37.4 million), is the club’s latest big-money purchase since the end of a disappointing campaign, which saw the team surrender the Premier League title to bitter rivals Manchester United, as well as suffering an early exit from the Champions League and an embarrassing FA Cup final loss to Wigan.

City’s Abu Dhabi-based owners have responded by hiring new manager Manuel Pellegrini, who replaced the sacked Roberto Mancini, and embarking on a major overhaul of the squad.

Jovetic was officially signed just hours after City had confirmed the capture of Spanish striker Alvaro Negredo from Sevilla.

Negredo, 27, cost a reported initial fee of STG16.4 million ($A27.3 million), which could rise to STG20 million with add-ons.

Earlier in the close-season, Spanish midfielder Jesus Navas cost City an initial fee of STG14.9 million ($A24.9 million) to lure from Sevilla, while they also splashed out STG30 million ($A50 million) to sign Brazil midfielder Fernandinho from Shakhtar Donetsk.