To get around the complications of the transfer window, he will technically be on loan until January, then makes the move permanent. City will pay Port Vale £150,000, plus another £75,000 when he makes his 30th appearance.
The 21-year-old forward will begin training with City tomorrow, but will have to wait until the 19th November to make his debut, at Reading, due to the international break this weekend.
Paynter's arrival could signal the end of Chris Brown's stay at the club. His loan from Sunderland ends on 2nd December, and after just one goal in 13 games, Peter Taylor may look to other options.