Jovetic becomes Manuel Pellegrini's fourth signing of the summer after Jesus Navas, Fernandinho and Alvaro Negredo to take the club's transfer window spending up to over €100 million.
The 23-year-old will now help Sergio Aguero and Edin Dzeko fill the attacking void left by Mario Balotelli and, most recently, Carlos Tevez.
Arsenal and Juventus had been interested in Jovetic earlier this summer, but had been unable to agree a fee with the Viola.
Jovetic has represented Montenergo 27 times, scoring 10 goals..
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