The 23-year-old - who is yet to make his debut for Brazil - signed a five-year deal at the Etihad Stadium, with the move completed on Thursday.
IS EDERSON THE MOST EXPENSIVE GOALKEEPER EVER?
However, City are keen to stress that it's not a world record as the amount in Euros, which is how they paid Benfica (€40m), is lower than how much Juve paid for Buffon (€53m) in 2001.
Goal reported on Saturday morning that City were confident of concluding negotiations following Benfica's Taca de Portugal final on Sunday , a game they won 2-1.
Ederson flew into Manchester on Monday and was at City's training ground on Tuesday to complete a medical and conduct interviews with the club's in-house media channels, but official confirmation of his signing was held up by third-party ownership issues.
He will battle with Claudio Bravo for a place in the Pep Guardiola's starting XI next season, with Willy Caballero having been released and Joe Hart to be sold following the end of his loan spell at Torino.
City's summer spending now stands at £78m, after the club announced the £43m capture of Bernardo Silva from Monaco on Friday.