Aguero said he had signed for Champions League debutants City to challenge for major trophies, having watched on televison as the club won its first silverware for more than 40 years by beating Stoke City in the FA Cup final.
"I saw the FA Cup victory last season," Aguero said. "I think we are a team that in the future will be fighting every year to win major trophies and let's hope its quite a few major trophies."
Aguero, who married one of Argentine great Diego Maradona's daughters, will wear the No.16 shirt at City and could get his first taste of action in this weekend's pre-season Dublin Super Cup tournament, the club said on its website.
"I've only heard good things about the squad and can't wait to get to know them," said Aguero, scorer of 74 goals in 175 appearances for Atletico during his five-year stay in the Spanish capital.
City, who are bank-rolled by Abu Dhabi billionaire Sheikh Mansour bin Zayed Al Nahyan, have already been spending heavily in the summer transfer window which closes at the end of August.
French left back Gael Clichy was signed from Arsenal while Mancini also pounced for highly-rated Serbian defender Stefan Savic from Partizan Belgrade.
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