Man City agrees to buy €50 million midfielder
City had been working to sign the 24-year-old throughout January; having initially been happy to bring him to the Etihad Stadium at the end of the season, they then stepped up their efforts midway through the month and attempted to recruit him before the winter transfer deadline.
The Blues were unable to break Shakhtar's resolve to keep the midfielder for the remainder of their Champions League campaign, but they have been in constant talks with the Ukrainians over the past week to put together an agreement which will come into effect this summer.
It is believed that all parties have agreed on the terms of the move, although nothing is officially signed.
Former Arsenal midfielder Gilberto Silva is one of Fred's representatives and has helped broker the move.
Fred and Shakhtar are poised to take on Roma in the next upcoming Champions League knockout round.