The Athletic claim City have agreed a £37million fee for Valencia star Ferran Torres and are expected to pay an initial £20.9million after agreeing a five-year deal.
They have also reached an agreement with Bournemouth to sign centre-back Nathan Ake for £41million.
The report goes on to claim ‘sources’ suggest City could spend a total of £300million on new players this summer.
Kalidou Koulibaly is one of those targets, with the Napoli star previously valued at around £90million.
Guardiola is also said to be searching for a long-term replacement for 32-year-old Sergio Aguero, but landing a striker anywhere near his ability will not come cheap.
Joao Felix is one potential option City could look to having previously expressed an interest in the Portuguese before he joined Atletico Madrid.
The 20-year-old appears out of favour under Diego Simeone but with Atletico spending £113m on him City will need to break the bank to lure him to the Etihad.