The 24-year-old arrived at the Etihad Stadium in the summer and signed a four-year deal following a stunning display for Austria Wien during the 2016-17 campaign where he scored 17 league goals in 33 outings and was immediately sent on loan to Girona.
However, the Nigeria international failed to replicate the form with the newly promoted Spanish side featuring in just 14 games in all competitions without scoring a goal and in a bid to get regular playing time, the striker attempted to switch to the French outfit Amiens but the deal fell through.
And after securing a move to the Ukraine reigning champions temporarily, the former Maccabi Netanya player has expressed joy on the successful transfer.
"It's an exciting move for me and I feel good about this," Kayode told BBC Sport.
"This is a massive club and the objectives are clear. I thank God and everyone involved."
Kayode will be looking to hit the ground running and help the side defend their title which could trigger Shakhtar to make the loan deal permanent.