Manchester City added Portugal's right-back to their squad on Wednesday, August 7th, and Juventus acquired Brazil's full-back Danilo, AFP reported.
City bought the player for 28 million euros. Cancelo's move is worth 65 million euros, and Danilo's deal sets Juventus back 37 million euros.
"City are a fantastic club, with a brilliant manager and I am delighted to be here," said Cancelo, who will begin a six-year contract with the English club.
"Everything about them has impressed me, from the facilities to their style of play.
"I am always looking to develop my game and win trophies and I believe I can do that here, so now I'm really looking forward to the new season and testing myself in the Premier League," he said.
"Joao is a fine player and an excellent attacking full-back who will provide us with a real threat on the right-hand side," said City director of football TxikiBegiristain.
"He fits the profile of player we want here at Manchester City. His best years are ahead of him, he's technically proficient and has the physical attributes we desire."
Danilo won five national cups with Manchester city in the past two seasons.
"It's been a pleasure to be part of the success City have enjoyed in my time here," said Danilo, who will begin a five-year contract with Juventus.
"The club have been fantastic with me from day one and I will always be grateful.
"The Premier League title wins will stay with me forever and I will always have City in my heart."