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Manchester City and Chelsea have reached an agreement over the transfer fee for midfielder Mateo Kovacic, as per insider sources.

It is reported that Manchester City will pay an initial sum of £25 million ($32m) for the Croatian international, with an additional £5 million ($6m) to be paid later as add-ons.

Initially, Chelsea had aimed for a deal closer to £35 million ($44m), but they reduced their demands in order to finalize the agreement before June 30. This timeline is crucial for Chelsea to align with UEFA's Financial Fair Play rules and fall under the first full tax year.

Before joining Pep Guardiola's squad for City's preseason tour of Japan and South Korea, starting in late July, Kovacic is expected to undergo a medical examination.

The move for Kovacic by Manchester City comes as a response to their failed attempt to secure Jude Bellingham, who recently joined Real Madrid from Borussia Dortmund.

Meanwhile, Guardiola and the director of football, Txiki Begiristain, are still hoping to persuade Ilkay Gundogan to remain at the club despite interest from Barcelona and Arsenal. Additionally, uncertainties surround Bernardo Silva's future at the Etihad Stadium.

Gundogan, who will become a free agent on June 30, has received contract offers from both Manchester City and Barcelona.

Although Silva is under contract until 2025, he is eager for a fresh challenge after spending six years in England. Sources suggest that he has attracted interest from Barcelona and Paris Saint-Germain. However, Manchester City will demand a substantial fee should they consider allowing Silva to leave.

Sources also indicate that Manchester City has expressed interest in West Ham's Declan Rice, but they have yet to submit an official bid. Arsenal has already had two offers for the English midfielder rejected.

Insiders have revealed that West Ham is interested in exploring a deal that would involve Kalvin Phillips moving to the London Stadium in exchange for Rice. Phillips, who had limited opportunities in his first season at Manchester City, has expressed his desire to stay and compete for a spot. David Moyes, the manager of West Ham, had previously attempted to sign Phillips during his tenure at Leeds United.

Notably, Mateo Kovacic has amassed 221 appearances for Chelsea since joining the club in 2018, showcasing his valuable contributions to the team.