Manchester City are launching a bid for Atletico Madrid star Radamel Falcao. The People says Falcao will become Manchester City's first signing of the Manuel Pellegrini era after the Etihad club agreed a British record transfer fee for the Atletico Madrid striker.

City have met the £54million buy-out clause in the Colombian's Atletico contract - to snatch him away from incoming Chelsea boss Jose Mourinho.

The deal is also a major coup for Pellegrini, with 27-year-old Falcao keen to work for the Chilean, who is expected to sign a two-year deal at City within a fortnight.

Mourinho and Falcao share an agent, Jorge Mendes, and the Special One was hoping Falcao would join him at Chelsea.