After weeks of protracted negotiations, City finally reached an agreement with Monaco late on Friday, after having a fourth bid accepted that sees them pay an initial £49.4 million rising to £52 million for the France left back, Mendy.
Fresh off of completing a record deal to help bolster the club's back line this summer, Manchester City is back at it with the Premier League season looming.
Mendy would become the Premier League club's fourth major signing of the summer and take their spending to more than £175m, following the recruitment of England global Walker, Portugal midfielder Bernardo Silva (£43m) and Brazilian keeper Ederson Moraes (£35m).
City have not yet confirmed the deal.
The club paid £50 million for Tottenham Hotspur and England defender Kyle Walker earlier this month and manager Pep Guardiola is still on the hunt for at least one other defender, according to The Sun.
City, who have already signed Bernardo Silva from Monaco and are interested in their highly-coveted striker Kylian Mbappe, are in the market for a left-back following Gael Clichy's departure, although another imminent new £26.5m signing Danilo has played there for Real Madrid.
"We are talking with three or four players who have not joined us, we need that to refresh the players and rebuild a little bit more the club".