Manchester City are set to spend heavily this summer after losing their Premier League title to Manchester United and being eliminated in the Champions League group stage for a second successive season.

According to the Manchester Evening News, the Blues' multibillionaire owners have set aside money for a wealth of targets, including Player of the Year favourite Gareth Bale and much acclaimed Atletico Madrid goalscorer Radamel Falcao.

Manager Roberto Mancini is supposedly urging City directors to act quickly in securing their stellar targets, after publicly lamenting their previous transfer shortcomings, particularly the failure to sign Robin van Persie from Arsenal in August 2012.

Other names that were on the club's 'possible' list are Mario Gotze, who is set to join Bayern Munich this summer, and the highly rated Edinson Cavani, though he appears destined for Ligue 1 side Paris Saint-Germain.

With Manchester City believed to be exceptionally keen on a striker, the Uruguayan's move to PSG evokes the possibility that Zlatan Ibrahimovic could arrive at the Etihad Stadium instead, despite separate talk of Robert Lewandowski joining the Blues.

Meanwhile, City had been striving to reduce their spending in order to avoid potential financial fair play sanctions from UEFA and the Premier League - most notably by selling Italian striker Mario Balotelli to AC Milan, for around £20 million in January.

The club's wage bill should, at least briefly, decrease this summer as the contracts of Roque Santa Cruz and Wayne Bridge are terminated, while a victory in next month's FA Cup final against Wigan would also increase conventional revenue.

Equally, Manchester City hope to supplement any high-profile signings with the purchase of several up-and-coming players such as Stefan Jovetic.

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