Pep Guardiola has reportedly agreed to take the reigns of Manchester City next season, but has left the door open for Chelsea and Manchester United to swoop at the last minute.

The 44-year-old Spaniard confirmed this week he would not be re-signing with current club Bayern Munich at the end of the current campaign.

The Sun is reporting Guardiola has already agreed terms to become the next manager of City, who are preparing to part ways with Manuel Pellegrini at season's end.

However, it is understood Guardiola is still open to receiving offers from Chelsea and United before he signs any paperwork with City.

It is believed City are now eager to try and finalise Guardiola's contract as soon as possible, before their Premier League rivals can persuade the former Barcelona boss to move to Stamford Bridge or Old Trafford instead.