The 21-year-old spent last season on loan with Stoke but struggled to make much of an impression with just five goals and one assist in his 28 games.
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With first-team chances at Man City set to be limited for Mubama, another loan was always going to be the most likely outcome.
According to Fabrizio Romano, Championship side Southampton have reached a verbal agreement with Mubama over such a move.
City are yet to accept, however, as they continue to mull over whether this is the best move for the young striker.
