City want to buy 20-year-old Argentine striker Sergio Aguero from Atletico Madrid for £35m.
City boss Mark Hughes smashed the Premier League transfer record just weeks ago when splashing out £32million for Robinho, but are now ready to make a even bigger deal.
Inter, Manchester United and Real Madrid have also been linked with the FIFA Young Player of the year in 2007.
A source close to Aguero told News of the World: “City have already offered more than the £32m they paid for Robinho.
“Madrid turned down £24m from Inter in the summer but the cash offer has gone higher and higher from City.
“And just as they couldn’t hold on to Fernando Torres, Atletico know they can’t resist this sort of pressure.”
