Manchester City are close to completing a £12million deal for Porto midfielder Fernando, despite the financial restrictions placed on the club.

The 26-year-old Brazilian-born defensive midfielder has been identified as a perfect addition at the Etihad, and could complete a move to the Premier League over the next few weeks.  

City have been tasked with improving their squad ahead of the 2014/15 season on a budget of £46million, due to their previous overspending which lead to them breaking the financial fair play rules enforced by FIFA. 

The cap means the club will be unable to break the £100million spending mark seen in previous years, unless they use funds raised by selling several members of their talented squad. 

Fernando, who has made over 150 appearances for the Portuguese club, has been linked with City heavily over the last six months, and was subject of a failed deadline-day bid back in January. 

With City boss Manuel Pellegrini on the verge of completing a deal to bring Arsenal full-back Bacary Sagna to the club on a free transfer, the Fernando signing looks set to be another good bit of business as they club aim to get their financial situation in as good shape and their domestic success. 

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