Brazilian goalkeeper Ederson Moraes is joining Manchester City from Benfica for €40million, the Portuguese champions have confirmed.
The fee is close to the world record for a goalkeeper, with Juventus paying €40.2 million euros when they signed Gianluigi Buffon from Serie A rivals Parma in 2001.
There was no immediate confirmation from City, who finished third in the Premier League this season under Spanish manager Pep Guardiola.
Benfica said also that half of the fee would be paid to unidentified 'third parties', an element likely to attract Premier League scrutiny.
City failed to win any silverware this season and are set to spend heavily over the summer to remodel their squad. They have already paid Monaco a reported £43 million for Portuguese midfielder Bernardo Silva.
Goalkeeping has been a particular headache for the Abu Dhabi-owned club, with England's Joe Hart sent out on loan at the start of the season and Claudio Bravo failing to convince in the role. Willy Caballero was released last Friday.