Manchester City have signed Monaco’s Bernardo Silva in a £43.6m deal. The midfielder has agreed a five-year contract with the Premier League side to kickstart Pep Guardiola’s overhaul of a squad that finished last season without a trophy.

The Catalan was determined to move swiftly in the transfer market this summer after his team finished third in the Premier League and failed in their pursuit of the two domestic cups and the Champions League.

Guardiola had earmarked the 22-year-old Monaco midfielder as one of his top targets and the two clubs reached an agreement on Friday, with the player having travelled to Manchester for a medical.

Silva, who will wear the No20 shirt, told City’s website: “It feels great. To be honest I’m now at one of the best teams in the world. To be part of this club and to have this opportunity is great.

“I’m very happy to be part of City’s team and I look forward to trying to do my best to help the team reach their goals. Of course when you have the opportunity of being trained by Guardiola, you don’t say no. If not the best coach in the world, he is one of the best.

Facebook Twitter Pinterest Bernardo Silva settles in at Manchester City Photograph: Victoria Haydn/Manchester City FC/Press Associa

The Portuguese added: “What he did in Barcelona and Bayern Munich was amazing and we expect also here that he will win titles. It’s great to be working with him and to have this opportunity.”

Silva, who has 15 caps for Portugal after making his debut against Cape Verde in March 2015, joined Monaco on a permanent deal in the summer of that year having spent the previous season on loan there from Benfica.

The playmaker missed Portugal’s Euro 2016 triumph through injury but has been instrumental in Monaco’s title win this season, as well as their progress in the Champions League, where they eliminated Manchester City before losing to Juventus in the semi-finals. In the French league in 2016-17 Silva played 37 games, scored eight goals and provided nine assists.

On Thursday City confirmed the departures of Jesús Navas, Gaël Clichy, Willy Caballero and Bacary Sagna with Guardiola set for an upgrade of the squad he inherited last summer. All four players were out of contract this summer. A number of other players out on loan could also move on, including Samir Nasri, Joe Hart, Eliaquim Mangala and Wilfried Bony.