Manchester City is on the verge of signing Atletico Madrid midfielder Rodrigo Hernandez after triggering his release clause with a club-record fee of €70 million on Wednesday.

Atletico Madrid confirmed that City had paid the €70 million ($79 million) release clause, which automatically terminates Rodrigo’s contract with the Spanish club.

“La Liga informed Atletico Madrid on Wednesday that representatives of Rodrigo Hernandez and Manchester City have deposited the amount of the release clause in the name of the player,” Atletico said in an official statement. “In this way, the player has unilaterally terminated the employment contract that bound him to our club until June 30, 2023.”

Rodrigo’s transfer marks a significant profit for Atletico, who signed him from Villarreal last summer for around €20 million.

The 23-year-old’s departure adds to a summer of changes for Atletico Madrid, with the club already preparing for his exit by signing Marcos Llorente from Real Madrid.

Atletico is also dealing with the loss of key players such as captain Diego Godin, who has moved to Inter Milan, and Lucas Hernandez, who was sold to Bayern Munich. Antoine Griezmann is also expected to leave, likely joining Barcelona after his release clause dropped to €120 million.

For Manchester City, Rodrigo’s signing breaks the club’s previous transfer record, which was set when they paid £60 million for Riyad Mahrez in 2018.