The transfer fee stands at 25 million euros, plus 12 million euros in add-ons, with the 20-year-old set to sign a five-year-old deal at the Etihad Stadium.
Ferran is in the last year of his contract at Mestalla and had agreed personal terms with City himself some time ago.
This move highlights the winger's meteoric rise over the past 12 months.
At the start of the 2019/20 season, the then manager Marcelino was considering sending Ferran Torres out on loan, but he went on to be one of Valencia's standout players during the campaign.
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