The 23-year-old goalkeeper is Pep Guardiola’s second summer signing, following in the footsteps of Bernardo Silva, who will also officially sign for City when the transfer window opens in three weeks’ time.
We spoke to Portuguese football expert Tom Kundert to find out more about our new Brazilian stopper.
Hello Tom, thanks for speaking to us. Firstly, do you think City have made a good move signing Ederson?
Without a doubt. He's been simply outstanding for Benfica ever since he broke into the team 18 months ago. He stepped in when Júlio César was injured, and despite the veteran Brazilian goalkeeper having done very well for Benfica, he could never get back into the team because of the form of his young compatriot.
At 23 years of age, City have got themselves a goalkeeper who could well be one of the world's best over the next 10 years.
What are the characteristics of his game that have made him a target for clubs across Europe?
One of his best features is his superb shot-stopping, thanks to his big frame, sharp reflexes and excellent athleticism.
But perhaps just as important is his unflappable composure. No matter how big the match, or how volatile or frenetic the atmosphere, nothing seems to faze him.
This was perfectly illustrated when he made his debut in what was effectively a Portuguese championship decider in the Lisbon derby at the stadium of bitter rivals Sporting. In front of a 50,000 crowd, he put in a solid performance to help his team to a 1-0 win. He never looked back.
Have there been any key games or moments that have given you an insight into the kind of character he is? Will he be able to handle the pressure of the Premier League?
As mentioned above, his debut against Sporting showed his remarkable composure. He's also impressed in big Champions League games, but I'd say it's his consistency that gives us the greatest insight into his character.
I lost count of the number of times he bailed Benfica out this season with a brilliant save or two to secure a narrow win.
He's already played in the Champions League. How has he fared?
I'd pick out the Champions League matches against Bayern Munich last season and Borussia Dortmund this season, when he was superb knowing full well the whole of Europe were watching, especially in the last match when an incredible series of saves helped earn his side a 1-0 victory despite being outplayed for the 90 minutes.
How far can he go in the game?
I see no reason why he can't go to the very top. He has all the tools.
Brazil called him up for last summer's Copa America, but he had to pull out because of injury. I'd be surprised if he wasn't in Brazil's squad for next year's World Cup.