Manchester City have agreed an initial fee with Valencia for highly-rated 20-year-old winger Ferran Torres.
Stats Perform News understands the Spain Under-21 international will cost City £21.2million ($38.3M AUD), plus further add-ons.
Talks between the clubs are on-going, with an agreement on the wider terms of the deal thought to be close.
Ferran is considered one of Spain's most promising young players, having come through Valencia's academy and making his debut as a 17-year-old in 2017.
A talented and direct winger capable of playing on either flank, though preferring to operate from the right, Ferran enjoyed a breakthrough season in 2019-20.
Having made 24 LaLiga appearances in 2018-19, Ferran had even greater exposure to first-team football this term due to injuries, taking full advantage of Goncalo Guedes' long-term absence as he featured 34 times domestically.
He scored four goals and set up another five in LaLiga, while his Champions League strike against Lille in November made him the first player born in 2000 to net in the competition for a Spanish club.
Ferran's contract with Valencia was said to contain a €100m release clause, but he had stalled on signing fresh terms, meaning Los Che were never likely to hold out for such a fee given his deal was due to expire next year.
With Valencia failing to qualify for European football next season after a disappointing 2019-20, their final bargaining chip was essentially lost and City have moved swiftly to secure the youngster's future.
City were linked to several young wingers after Leroy Sane's move to Bayern Munich was confirmed at the start of July, with Ferran ultimately emerging from the pack.
While perhaps not a like-for-like replacement, Pep Guardiola's club will believe they have got themselves a bargain and pulled off a significant coup in landing Ferran, who had also attracted interest from Barcelona, Juventus and Liverpool.