Gvardiol, who agreed personal terms with City a month ago, has reportedly completed the first part of his medicals.
The 21-year-old’s impending arrival frees up the potential departure of Aymeric Laporte who has been linked with a return to Athletic Bilbao having fallen out of favour under Pep Guardiola.
City had an earlier bid of €75 million for Gvardiol turned down but remained in talks with Leipzig with the Bundesliga club holding out for a world-record transfer fee for a defender.
Having been a subject of interest from Leeds United in the past, Gvardiol revealed his desire to play in the Premier League one day while speaking about his future earlier this year.
“[Marcelo] Bielsa was the coach and I don’t know if you know this but my goal in my career is to play in the Premier League,” Gvardiol told the Times.
“I didn’t speak with Bielsa but of course, he sent a few people and they came to Zagreb.
“I met these guys and they showed me how it was something like a plan of how they see me in their style of football.
“I mean when they presented it everything looked good, and you could maybe see yourself there in that moment.
“I knew that I needed to take a few steps more before I get to [the Premier League] one day.”
Gvardiol scored in February’s Champions League meeting between Leipzig and Man City which ended 1-1, although he and his teammates were on the receiving end of a 7-0 thrashing in the second leg.
Having agreed a deal to sell Riyad Mahrez to Saudi Arabian outfit Al-Ahli earlier today, the reigning European champions are now expected to pursue the acquisition of a new winger.
Barcelona’s Raphinha has been earmarked as a potential target, while Dani Olmo is also believed to be under consideration.