A 25 million euro plus add-ons deal has been agreed for the striker and the Spanish side has now confirmed the deal with a statement on the club's website.
"It's official: Alvaro Negredo is a Manchester City player, short of doing the medical tests," read the statement.
"Sevilla has organized a farewell gathering for the player at the Ramon Sanchez Pizjuan this evening at 18.30BST, so that those who have been his teammates can say goodbye before leaving for (the preseason tour of) South America.
"The Sevilla president, Jose Maria del Nido, will accompany the striker at this farewell."
Del Nido confirmed earlier on Wednesday that Negredo was set for a move to the Etihad Stadium, after previously stating there was a "one percent" chance of him making the switch to City this summer.
"We are about to complete the sale of Negredo to City. If all goes well he will say bye this afternoon at the Sanchez Pizjuan," he told reporters.
"City are signing a great player. For Sevilla and Negredo it is a major operation. It is the contract of his life."
Terms between the clubs were ratified on Tuesday morning and the 27-year-old is set to see his salary doubled to around 75,000 pounds-a-week.
The Spain international scored 25 goals in La Liga last season and had been linked with moves to Everton and Tottenham earlier in the summer.
Negredo will become the second player to make the switch from Sevilla to City this month, after Jesus Navas moved to the Etihad for 18.5 million pounds.