The Sun reports that only personal terms have to be finalised, with the 23-year-old set to sign a five-year deal worth £120,000-a-week.
New City boss Manuel Pellegrini is keen to bring in the Fiorentina ace to replace Carlos Tevez.
A source close to the Montenegro star told The Sun: “It’s pretty much sorted he’ll go to City.
“They just have to sort his contract. It shouldn’t be a big problem.”
Jovetic has also been strongly linked with the likes of Manchester United and Liverpool.
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The start of the 2017-18 Premier League season is just around the corner and is shaping up to be one of the most competitive yet.
As always it is the so called “big clubs” that have splashed the most cash in the transfer window so far this summer. Manchester United or City? Arsenal or Tottenham? Who are the winners and losers of the transfer window so far?