Birmingham midfielder Charlee Adams has signed a new one-year contract with the club.
Southampton are confident Jay Rodriguez will commit to a new long-term deal but the player will consider his options.
The Serie A club on Thursday night had confirmed reaching an agreement with City for the transfer of the Montenegro international, who scored 40 goals in 134 appearances for the Viola, and now the versatile forward has agreed terms at the Etihad Stadium.
A statement published on mcfc.co.uk read "Manchester City are delighted to announce the signing of Stevan Jovetic from Fiorentina.
"The 23-year-old Montenegro international will now join up with his new team-mates over the weekend."
Jovetic becomes City's second signing of the day after Spain striker Alvaro Negredo arrived in Manchester for a reported £16.4million plus add-ons of up to £4.2million.
The financial terms of Jovetic's deal - or the length of his contract - have not yet been disclosed by either club but it is understood Fiorentina valued the player at around 23million euros.
Jovetic signed for the Tuscan club from Partizan Belgrade, where he made club history by captaining the team at the age of 19, five years ago and despite missing the entire 2010-11 Serie A season due to a cruciate ligament injury, he became a key part of Fiorentina's system.
He hit 14 goals as La Viola finished a disappointing 13th in 2012 but 13 goals helped Vincenzo Montella's men to fourth place and the Europa League in the recently-concluded season.
Jovetic has also represented the senior Montenegro side since 2007, playing 27 times and scoring 10 goals.
He is reunited with former Fiorentina team-mate Matija Nastasic at the Etihad Stadium and joins Negredo, midfielder Fernandinho and winger Jesus Navas as one of City manager Manuel Pellegrini's four summer recruits.