The Norwegian goal machine has penned a five-year contract with the Premier League champions, who confirmed they had reached an agreement in principle with Borussia Dortmund earlier this week.
Remarkably, City have managed to get the deal done for a fee £51 million and with other payments factored in, the total cost could reach £85 million.
Haaland, who has 85 goals in 88 games for Dortmund, is in line to earn around £375,000-a-week at City, rivalling Kevin De Bruyne as the club's top earner.
But according to German outlet BILD, Haaland is able to leave City in 2024 if his release clause is activated. That figure stands at £128 million, more than double what City have paid to land the 21-year-old.
Release clauses have been a feature of Haaland's contracts throughout his career. At Red Bull Salzburg, he had a £17 million release clause in his deal and that allowed Dortmund to snap him up on the cheap.
It seems the presence of such a clause in negotiations put off the likes of Manchester United and Real Madrid at different stages, but City have been willing to meet the terms.
Haaland is understood to have undergone medical exams in Brussels, with legendary former City skipper Vincent Kompany helping the process happen smoothly.
Stuart Brennan from the Manchester Evening News says he picked City ahead of other leading European clubs for "emotional and football reasons" as he could have earned the same salary elsewhere.
He has a genuine connection to City due to his father playing for the club and was a member of a Norwegian City supporters Facebook group until 2019.
It's said Haaland could not pass up on the opportunity work under Pep Guardiola and see how his game can develop under the Catalan coach, in addition to linking up with the likes of Kevin De Bruyne and Phil Foden.
Haaland will say his goodbye to Dortmund fans this weekend,
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