The 23-year-old has scored 35 league goals in five seasons with La Viola, who finished fourth in Serie A last season, and it appears City's lengthy pursuit of the versatile forward has come to fruition this evening.
A statement published on Fiorentina's official Twitter account, @ACF-Fiorentina, read: "An agreement has been reached with Manchester City Football Club for the permanent sale of the player Stevan Jovetic."
The Barclays Premier League runners-up, now managed by Chilean Manuel Pellegrini, have already strengthened their squad with the recruitment of midfielder Fernandinho from Shakhtar Donetsk and winger Jesus Navas from Sevilla, with the latter's former team-mate Alvaro Negredo expected to follow in the coming days.
Striker Negredo's transfer is yet to be formalised by City, who are on a pre-season tour in South Africa, in the wake of Sevilla's announcement the Spain international had agreed a move to the Etihad Stadium, but it is clear Pellegrini is working to fill the gaps left in his forward line by the exits of Carlos Tevez and Mario Balotelli.
Jovetic - who is as comfortable playing as a lone striker as he is in front of the midfield - finished the 2012-13 season with 13 league goals following a campaign-haul of 14 in the previous year. The Montenegro international had missed the entire 2010-11 season in Florence after suffering a cruciate ligament injury in pre-season training.
He made his Montenegro debut in 2007 and brought up his 10th goal for the nation in a friendly game against Latvia last August.
Fiorentina, meanwhile, have already set about replacing Jovetic's goals by adding Germany international Mario Gomez to their ranks for a reported 17million euro fee last week.
A statement published on Fiorentina's official website later confirmed the transfer still hinges on Jovetic signing a contract in Manchester.
Jovetic is looking forward to linking up with Manuel Pellegrini's side and a reunion with his former Fiorentina team-mate Matija Nastasic.
"Florence will remain in my heart," the 23-year-old told firenzeviola.it. "I came here as a boy and I'm leaving as a man. This is a beautiful city and I was really fine.
"But I'm happy to go to City because they play in the Premier League and they are a very important team. I just want to win something.
"And then I'll find my great friend Nastasic.
"I will be leaving a very strong Fiorentina and I'm happy about that. I wish that they can win the scudetto.
"It would have been nice to play with Mario Gomez, but I wanted a change of scenery.
"I know that Fiorentina's fans are a little angry with me, it's normal, but I have never said anything bad, either about them or about Fiorentina."
Viola coach Vincenzo Montella added: "Stevan gave so much to Fiorentina, but he had expressed a desire to grow elsewhere and I wish him good luck."