Raheem Sterling
Sterling becomes the most expensive English player ever after moving to the two-time Premier League champions Getty Images

Manchester City have confirmed the record signing of Raheem Sterling from Liverpool on a five-year deal.

The 20 year old becomes the most expensive English player ever in a deal worth £49m ($76.4m) according to BBC Sport, which sees City complete their first signing of the summer transfer window.

Sterling will wear City's number seven shirt from the start of the 2015-16 campaign, after rejecting a new contract with the Merseyside club.

"Raheem Sterling is one of the best attacking players in world football, and I am very much looking forward to him joining our squad out in Australia later this week," City manager Manuel Pellegrini told the club's official website.

"He is a young player with outstanding ability, and I am sure the Manchester City fans will be very excited about seeing him in action for the team."

Sterling made 34 Premier League starts last season, scoring seven goals and contributing seven assists. However his last campaign with the Reds was overshadowed by speculation regarding a possible transfer.

The news brings an end to a long-running saga regarding Sterling's future, which saw the player's agent Aidy Ward inflame relations between the winger and Liverpool. A statement from the Anfield club read: "Liverpool FC wishes Raheem well."

The England international could make his City debut in the International Champions Cup against either Roma or Real Madrid on 21 or 24 July after flying out to Australia, where the Etihad Stadium club are based on their pre-season tour.

As well as becoming the most expensive English player in history, Sterling becomes City's record signing, jumping ahead of Argentina striker Sergio Aguero, Brazil international Robinho and French defender Eliaquim Mangala.

Speaking on 13 July prior to confirmation of the deal, Liverpool manager Brendan Rodgers said: "Contrary to the last week or so, in terms of what was written, Raheem and I have always remained very strong in our relationship, and have been up until he left. There's no issue there."