It follows on from a report in Eurosport that the English club have agreed personal terms for the in-demand player and know that, since he is out of contract next summer, they will be in a position whereby they can sign him as a free agent from January.
However, it is said that City want Torres to be in their squad next season as a replacement for Leroy Sane while they are keen to ensure no other clubs trump their offer for the player.
The ball has now been left in Valencia’s court as they must decide whether to sell their prized asset for comfortably below his market value or risk losing him as a free agent in a year from now.
Representatives of Torres and City took place on Wednesday and agreement was reached over a long-term contract, with Torres likely to now be the club’s first summer signing.
Earlier this week a report in Marca, claimed both City and their Manchester rivals United are in the running for the player while Real Madrid and Borussia Dortmund also hold an interest along with three Italian clubs – Napoli, Milan and Juventus.
A report in Onda Cero a fortnight ago also highlighted the interest of Juve, who are said to have already opened negotiations for the player who will be one of the major players in European transfer news this summer.
Now it is claimed that ‘institutional weakness’ at the Mestalla alongside a shortage of funds from club owner Peter Lim have persuaded the club not only to sell this summer but to tout the star around other clubs.
The 20-year-old penned a new contract with Los Che in April 2018 in a deal which runs through until next summer with a reported €100m release clause, although due to the expiration date on the deal the Spanish club may lower this value.