(CNN) -- Manchester City just can't stop spending money as the English Premier League champions have forked out a reported $53 million to sign France international defender Eliaquim Mangala from Portuguese club Porto.
Whatever the deal's financial implications, City manager Manuel Pellegrini believes the 23-year-old Mangala has "all of the mental, physical, technical and tactical attributes to become one of Europe's very best defenders."
Pellegrini added on the City website: "Eliaquim is a player I believe will make an immediate impact in the Premier League, thanks to his physicality, his reading of the game and quality on the ball."
Mangala, who began his professional career at Belgian club Standard Liege, was part of France's 2014 World Cup squad but did not play in any games.
"For me, it was an important step to leave Porto and join Manchester City in order to continue my progress. I want to win titles and I believe I can do this. I am ambitious and this is why I am here," Mangala told the City website.
In May, the English champions accepted a UEFA fine of €60 million ($82 million), a restriction on transfer spending and a reduction in the club's squad size for the European Champions League.
Mangala is City's fifth permanent signing since last season, following his former Porto teammate Fernando -- who cost $20 million -- to England.
Argentine goalkeeper Willy Caballero joined for a reported $10 million from Pellegrini's former club Malaga, while compatriot Bruno Zuculini was acquired for $5 million from Racing Club.
Mangala's fellow France World Cup teammate Bacary Sagna moved from Arsenal on a free transfer, while veteran midfielder Frank Lampard will play on loan from City's American feeder club New York City FC.
City's only sale since last season has been midfielder Jack Rodwell's $16.7 million departure to Sunderland, while veteran midfielder Gareth Barry joined Everton on a free transfer.