Sources close to the player claim that Torres' agent and Manchester City representatives will meet to iron out a move for the player this summer.
Valencia had previously rejected an offer made by City, but now need to generate funds after missing out on Champions League and Europa League football next season.
Ferrán Torres could fill the gap left by Leroy Sane
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It is said that Ferran would prefer to renew his contract at Valencia, but club owner Peter Lim cannot offer a deal to compete with the higher salaries being offered by the likes of Manchester City. Juventus also made an offer for the player months ago, offering Torres €4m per year and a guaranteed place in the starting XI.
Real Madrid and Atletico Madrid are also said to be interested, but Man City are thought to be in pole position for the player thanks to Torres' desire to play under Guardiola.
Analysis - Torres to fill gap left by Sane
It's no coincidence that Manchester City failed to defend their title in the first season where they lacked real depth. Pep Guardiola's strategy is built around having multiple and varied options in any given match and the absence of the injured Leroy Sane this season stifled that approach. Now, with Sane off to Bayern Munich, Pep needs a replacement, and Torres would fit the bill perfectly.
Just 20 years old, Torres is already known for possessing impressive pace, creativity and technique, as well as his ability to play anywhere across the attacking line - just what Pep likes. Still a young man, a few years under Guardiola could turn him into an exceptional footballer, which is why he prefers a move to City.