Manchester City began their summer spending today when they reached an agreement with Valencia to sign David Silva for £24.5 million.
The forward is expected to sign a four-year contract after he returns from playing for Spain in the World Cup finals.
He has been offered £80,000-a-week after tax, according to reports in Spain, but the deal is subject to him passing a medical.
Valencia have asked for most of the money to be paid up front because they need to pay off some of their £330 million debt this month and have already sold David Villa to Barcelona for £33 million.
“This is a very special situation, because I am leaving behind the club of my life, where I have grown like a person and as a player, but I have a great project to play in the Premier League and with Manchester City,” Silva said.
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“I do not have anything other than words of gratitude for Valencia, my team-mates and coach.”
Reports this morning also suggest that City are close to signing Yaya Toure, the Barcelona midfield player.