Manchester City are close to completing their first signing of the summer, despite the strict Financial Fair Play sanctions placed on them last month.
Uefa decided City would not be allowed to spend any more than £49 million as well as any transfer fees received, but the club look set to use £15 million of that to capture Porto's Fernando, according to The Daily Mirror.
The Brazilian midfielder has been a long-term target of Manuel Pellegrini's and came close to joining the club on transfer deadline day in January.
The move fell through and Fernando signed a new deal at Porto to keep him at the Estadio do Drago until 2017, but Pellegrini has not been deterred and will soon secure the services of his number one target.
The 26-year-old attempted to switch his international allegiance to Portugal in March of this year, but his request was refused by FIFA as he had previously played at Under-20 level for his native Brazil.
Having not been included in Luiz Felipe Scolari's 23-man squad, Fernando is a free man this summer and could complete his switch to the Premier League champions soon.
Once the deal is done he will compete with countryman Fernandinho and former Benfica midfielder Javi Garcia for the right to partner Yaya Toure in Manchester City's midfield.
After seven years in Portugal, the holding midfielder has plenty of trophy-winning experience, and will look to bolster his trophy cabinet in England.
During his time at Porto, Fernando picked up four league titles and was an almost ever-present in the club's victorious Europa League campaign in 2010/2011.
The Manchester City board will be hoping Fernando is not the only man switching northern Portugal for the north west of England, with defender Eliaquim Mangala said to be a major target.
However, the French defender has said he will wait until after the World Cup to decide his future.
The 23-year-old was named in Didier Deschamps' World Cup squad and will be joined in Brazil by Arsenal's out of contract defender Bacary Sagna - another City target.
Having decided to end his time in North London, the right-back looks set to move to The Etihad Stadium to compete with Pablo Zabaleta for a place in Pellegrini's starting eleven.
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