The Spain Under-21 international will reportedly cost City £21.2 million ($37.8 million), plus further add-ons.

Talks between the clubs are on-going, with an agreement on the wider terms of the deal thought to be close.

Ferran is considered one of Spain's most promising young players, having come through Valencia's academy and making his debut as a 17-year-old in 2017.

A talented and direct winger capable of playing on either flank, but preferring to operate from the right, Ferran enjoyed a breakthrough season in 2019-2020.

Having made 24 LaLiga appearances in 2018-2019, Ferran had even greater exposure to first-team football this term because of injuries, taking full advantage of Goncalo Guedes' long-term absence as he featured 34 times domestically.

He scored four goals and set up another five in LaLiga, while his UEFA Champions League strike against Lille in November made him the first player born in 2000 to net in the competition for a Spanish club.

Ferran's contract with Valencia was said to contain a €100 million ($164.3 million) release clause, but he had stalled on signing fresh terms, meaning Los Che were never likely to hold out for such a fee given his deal was due to expire next year.

With Valencia failing to qualify for European football next season after a disappointing 2019-2020, its final bargaining chip was essentially lost and City has moved swiftly to secure the youngster's future.

City was linked to several young wingers after Leroy Sane's move to Bayern Munich was confirmed at the start of July, with Ferran ultimately emerging from the pack.

While perhaps not a like-for-like replacement, Pep Guardiola's club will believe it has got itself a bargain and pulled off a significant coup in landing Ferran, who had also attracted interest from Barcelona, Juventus and Liverpool.