Gakpo, who grabbed an assist against Nottingham Forest on Saturday afternoon, has made the decision that he wants to leave Liverpool after 181 appearances and still with four years left on his contract.
The Reds have now finalised their deal for Bradley Barcola and to bring in the Frenchman they must sell an international player.
Gakpo, a Dutch international, will leave the side as manager Andoni Iraola constructs a side that can challenge for the title over the coming years.
Giving more information on the deal, transfer expert Fabrizio Romano revealed that City are close to securing the winger’s services with just days left of the summer transfer window.
“Manchester City confident to close all details of Cody Gakpo deal as soon as Liverpool agree to sign his replacement.
“Deal will cost £85m and Gakpo gave his green light to signing a five year contract at Man City.”
Gakpo has recorded 50 goals and 23 assists in 180 appearances for Liverpool and has grabbed 2 goal contributions in two games for the side in the opening 2 games of the season.
Barcola will join Rio Ngumoha and Victor Munoz as Liverpool’s main wingers for the rest of the season. Reports have claimed the side will aim to add another fresh face in attack, with Brighton winger Yankuba Minteh and Crystal Palace's Ismaila Sarr linked.