The deal is at an advanced stage and only personal terms need to be agreed between the 23-year-old and City.
Jovetic is eyeing a five-year contract at the Etihad Stadium along with £120,000-a-week wages.
A source told The Sun: "It's pretty much sorted he'll go to City. They just have to sort his contract. It shouldn't be a big problem."
Jovetic scored 13 goals in 31 appearances for the Serie A side last season.