• Belgium international is keen on return to Premier League • Agent: we are expecting some progress in the coming days

Manchester City have been told they must pay Wolfsburg’s asking price if they want to sign Kevin De Bruyne.

City are increasingly confident of persuading the Belgium midfielder to join them but are yet to make a formal offer for a player who is valued at £45m by his current club.

Paris Saint-Germain and Bayern Munich are also interested in signing the 24-year-old former Chelsea player, although De Bruyne has already indicated that he would prefer to return to the Premier League.

“It is a question for Wolfsburg but we are expecting some progress in the coming days,” his agent Patrick De Koster told Guardian sport.

“At this stage we have not heard anything about an offer but that could change at any time. I have a good relationship with [City’s director of football] Txiki Begiristain and he knows what is required. When you see the amount that Chelsea are being told they have to pay for John Stones then it’s obvious what kind of price we are talking about.”

De Bruyne joined Wolfsburg last January for around £18m having made just six starts in England but was voted as the player of the season in the Bundesliga after helping his side finish as runners-up behind Bayern. The German side’s sporting director, Klaus Allofs, has said the club have no need to sell one of their prized assets but De Koster revealed talks over a new contract are on hold until at least the end of the transfer window.

He said: “There is an agreement between both parties that we will wait and see what happens. We have a very strong relationship with Klaus Allofs and if the time comes then we will sit down and talk about a new contract.”