Manchester City have signed Riyad Mahrez from Leicester, the 27-year-old winger costing a club record of £60m.

Mahrez, who has signed a five-year contract and will wear the No 26 shirt, is Pep Guardiola’s first signing of the summer, with the manager having targeted a wide forward and defensive midfielder in this transfer window.

Mahrez, who was a key player in Leicester’s 2016 title-winning side, told Manchester City’s website: “I am so pleased to have joined City, a side playing great football under Pep Guardiola. Watching them from afar has been a pleasure. Pep is committed to playing attacking football, which is a perfect for me, and City’s performances last season were outstanding. They’re redefining the English game and I wanted to be a part of it.

“I think we can be successful over the coming years and I believe my own game can develop under Pep’s management.”

The City director of football, Txiki Begiristain, said: “Riyad is a hugely talented player. He beats defenders and creates space. Over the past few years, he has established himself as one of the Premier League’s most exciting players.”

Guardiola will now hope to sign Jorginho from Napoli, though it is thought Chelsea are also interested.

Manchester City’s new signing Riyad Mahrez is greeted by manager Pep Guardiola on his first day. Photograph: Victoria Haydn/Man City via Getty Images

• This article was amended on 13 September 2018. The fee for Riyad Mahrez was £60m and could not have risen to £75m with add-ons as an earlier version said.