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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Liverpool have unveiled their new home kit for next season, sticking with the hugely popular retro styling of the current shirt.
The reputation of the Premier League means it is the most popular and one of the most watched leagues in the world.