Manchester City look set to beat Barcelona to the signing of €35m-rated Malaga playmaker Isco, according to reports in Spain.

Spanish newspaper AS reports that Ferran Soriano and Txiki Begiristain have moved quickly to wrap up the transfer following interest shown by big-spending French club Monaco.

The Ligue 2 side are ready to spend big this summer having all but secured promotion to the French top flight next season, and they reportedly held discussions with Isco in April.

A €28m offer is thought to have been made, but Malaga are holding out for his release clause - believed to be €35m.

The sudden interest from Monaco is believed to have prompted City to make their move, with Begiristain meeting with one of the player's advisors to begin talks over an agreement.

The report claims Barcelona have held a long-term interest in the 21-year-old midfielder. The Nou Camp side sit top of La Liga, but disappointment in the Champions League could spark a summer spending spree from the Spanish side.

Around €50m will be initially made available to Tito Vilanova to revamp the squad, and while the report admits it's unclear how many new signings will be made, Isco was thought to be one of several targets.

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