Ferran Torres will become Xavi's first signing as Barcelona head coach.
The Catalan giants have agreed a €65million package with Manchester City to take the 21-year old to the Camp Nou. Torres will cost Barca an initial €55million, plus €10million in potential add-ons.
The 22-cap Spain international only joined City from Valencia 16-months ago, in a deal worth €23million. Valencia will pocket at least €5.5million from Torres' Barcelona move, due to a clause in their contract with City.
Torres started this season brightly for City, scoring twice in 4 Premier League appearances. However, a fractured foot has put paid to his involvement with Pep Guardiola's side since early October.
Quite where Barcelona are finding €55million from is another story, but Mundo Deportivo report that they're working on shifting some dead wood from their squad in the coming days to allow Torres to be registered in time for their Spanish Super Cup semi-final with Real Madrid on January 12.
Amid a self-inflicted financial crisis, the club negotiated a debt refinancing with Goldman Sachs in June, to the tune of €525million.
