(CNN)After a season of relative underachievement, five-time European Cup winner FC Barcelona has embarked on the process of overhauling its squad.
Sergio Aguero will move from Manchester City to Barca when his current contract expires on July 1, the Spanish club announced Monday.
The 32-year-old, considered to be one of the greatest players in Premier League history, has signed until the end of the 2023 season with a buyout clause set at 100 million euros ($122 million).
It comes two days after Manchester City lost the Champions League final to Chelsea FC.
The Argentine superstar posted on Instagram photos of himself wearing a Barcelona jersey with the caption: "With the same commitment and passion as always, now Barça. Long live Barcelona."
At Barcelona, Aguero will link up with his international teammate Lionel Messi, widely considered to be one of the greatest footballers of all time and who is also godfather to his son.
"It is an immense joy because since I was a kid, and even more so now with Messi, I have thought that Barça is the best club in the world," Aguero said in a statement released by the club Monday.
"Any player that's offered the chance to play at Barça, will come running. I'll try to do my best to help the club to win big things."
Barcelona presented Aguero Monday alongside recently-elected president Joan Laporta and other executives.
"We've welcomed you with a tango, a very exciting dance, just like you, because we know you'll score a lot of goals for Barça," said Laporta in the statement.
Barca beat Athletic Bilbao to win the Copa del Rey in April, but finished third in La Liga and were knocked out of the Champions League by Paris Saint-Germain in the last-16 stage.
Aguero joined City from Atletico Madrid in 2011 and went on to win five Premier League titles, one FA Cup and six League Cups.
The Argentine is City's all-time top scorer with 260 goals in 390 appearances but has struggled with injuries in recent seasons. He made just 12 Premier League appearances last season, scoring four goals.