The Daily Mail says City have agreed a deal with Fiorentina for striker Jovetic worth £25.8 million.
It is understood that City will pay an initial fee of £22.4m and it could rise through bonus payments.
Jovetic is the fourth player bought by City this summer, following Fernandinho (£30m), Jesus Navas (£15m) and Alvaro Negredo (£20.6m) into the Etihad, meaning their summer spend is closing in on £100m.
Negredo, also purchased on Thursday, costs an initial fee of £16.4m and up to £4.2m in add-ons according to club sources.
The 27-year-old Spain striker has agreed a four-year deal worth a basic £75,000 a week.