FC Porto have confirmed the £12million sale of Fernando to Manchester City, Telegraph reports.
The Citizens were keen to sign the defensive midfielder back in the January window, but a transfer is now set to be completed after agreeing on a fee.
A statement released by the club has confirmed that a deal worth £12million has been struck, although Man City themselves have not yet verified the switch.
Porto’s statement read: “FC Porto hereby informs the market that it has reached an agreement with Manchester City for the permanent transfer of professional footballer Fernando Reges for 15 million euros.”
The Brazilian is now set to become City’s second summer signing after sealing the deal for former Arsenal right-back Bacary Sagna.
After UEFA restricted their net spend due to the Sky Blues’ breach of the Financial Fair Play regulations to just £49million, manager Manuel Pellegrini is expected to find cheaper alternatives to their normally ravish transfer expenditures.
Fernando would be considered good value at £12million, with other more costly targets such as team-mate Eliaquim Mangala also on the City transfer wish-list.