Arsenal had been keen on the Montenegrin for 18 months but it seems City are now set to bring the striker to the Premier League.
Pellegrini has already sold Carlos Tevez to Juventus and is considering letting Edin Dzeko leave if an offer comes in this summer.
Jovetic is one of the most sought after forwards in Europe but it does appear that City will be the only bidders at this stage with the huge asking price being the stumbling block for most.
Pellegrini will have to make a decision on bringing in a striker very soon as pre-season is now well under way and Sergio Aguero could be the only first team forward at the club come August.
The new City boss is keen on forming his own squad in Manchester and wants at least two strikers to come in this summer to bolster his title charging side.
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