The 23-year-old has been the subject of intense transfer speculation all summer, with the Premier League touted as his most likely destination.
Fiorentina reportedly set Chelsea and Manchester City a Friday deadline to meet their valuation of Jovetic, and Manuel Pellegrini appears to have wasted little time in pressing ahead with a deal, that will see him arrive at the Etihad Stadium.
Blues boss Jose Mourinho has also been credited with an interest in bringing the Montenegro international to Stamford Bridge, after being impressed by the player's form during the 2012/13 campaign.
However, Chelsea are yet to match the Citizens' £25million bid for Jovetic, so Fiorentina officials are already on their way to Manchester to finish the deal.
Jovetic scored 13 goals in 31 appearances in Serie 'A' last season, and stands to make his current club a tidy profit on the £7.9million paid to Partizan Belgrade in 2008.