The Nottingham Forest and England midfielder has signed a five-year contract until June 2031 with the option to extend for a further year, after he completed his medical in New York, as per transfer expert Fabrizio Romano.
The 23-year-old will become the first summer signing under new boss Enzo Maresca and is set to join up with his new teammates at City following this summer's World Cup with England.
Anderson has impressed so far for England at the 2026 WC, having started all three group matches under Thomas Tuchel in the heart of midfield, and provided the assist for Jude Bellingham's goal in the 4-2 win over Croatia.
Forest had rejected two previous offers from City, but now the deal has been agreed with the fee claimed to reach up to £130 million.
This would of course shatter the current Premier League record transfer, Alexander Isak's £120 million move to Liverpool from Newcastle last summer.
For now though, Anderson will be fully focused on England duties and their final group match, as the Three Lions aim to top Group L with a victory against Panama at the New York New Jersey stadium this evening.