The 20-year-old is the league champions’ first new arrival of this transfer period.
News of City’s reported interest only emerged on Saturday but they wrapped up the deal quickly for a reported initial price of £15million rising to £18m.
The announcement was made just hours after Roberto Mancini’s City downed Chelsea in the Community Shield.
“I relish the opportunity of playing with some of the best players in the world and continuing my development,” said Rodwell.
“It will be an amazing experience to make my debut in front of them if I am selected to play next weekend.
“The hard work starts today as I start to help contribute to the club winning more silverware. The season has started really well with the Community Shield win”
“I would like to place on record my thanks to everyone at Everton football club. The manager David Moyes has been brilliant for me and helped make me the player that I am today.”
“I have a special relationship with the chairman, Mr Kenwright, who did not want me to leave but this is too good an opportunity for me to refuse.”
Mancini went on to underline that Rodwell still has a lot to prove before he can crack the City line-up.
“Jack is a good player. He is young. It is the first time he is in a club that plays to win and it will be different for him.
“But in a couple of years I am sure he will be a top and stronger midfielder. He has good quality.
“Rodwell is a player that needs to improve to play in this XI but he is young and a good player for our future.
“We are interested in all good players. I liked him last season. For this reason, we bought him.”