Manchester City have been watching Benfica defender Ruben Dias for the past two years, with the signing of the Portugal international set to be confirmed in the next 24 hours.
Benfica announced on Sunday night that they had reached an agreement over the sale of the 23-year-old in a deal worth an initial £62 million ($79m) plus £3.3m in potential add-ons.
City defender Nicolas Otamendi will move in the opposite direction in a separate deal worth £14m ($17m).
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Both players still need to finalise their moves by signing their contracts and Otamendi is yet to have a medical with the Portuguese club.