Porto have announced they've accepted a bid from Manchester City for Fernando. City were close to signing Fernando in January but were unable to agree a fee for the player.
Fernando, who has already passed a medical and agreed personal terms with City, will now move to the Etihad Stadium for a fee of around £12million.
Porto released the following statement to the Portuguese stock exchange confirming the news of Fernando's transfer.
"FC Porto Football Club, in accordance with Article 248 paragraph 1 of the securities code, hereby informs the market that they have reached agreement with Manchester City for the permanent transfer of the registration rights of the professional footballer Fernando Reges for the amount of 15million," it read.
