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Radamel Falcao will become Manchester City’s first signing of the Manuel Pellegrini era after the Etihad club agreed a British record transfer fee for the Atletico Madrid striker, writes the Sunday People.

City have met the £54million buy-out clause in the Colombian’s Atletico contract – to snatch him away from incoming Chelsea boss Jose Mourinho.

Falcao, has long been one of hottest properties in world football and his signing by City will be a boost for the profile of the Premier League.

The deal is also a major coup for Pellegrini, with 27-year-old Falcao keen to work for the Chilean, who is expected to sign a two-year deal at City within a fortnight.

Mourinho and Falcao share an agent, Jorge Mendes, and the Special One was hoping Falcao would join him at Chelsea.

(Image: Getty)

But the player is said to prefer City rather than go head-to-head with Fernando Torres, the favourite of owner Roman Abramovich, at Stamford Bridge.

His transfer fee will surpass the £50m Chelsea paid Liverpool for Torres in 2011.

Falcao’s imminent arrival, on a deal worth more than £200,000 per week, means Carlos Tevez will be allowed to leave City – and the Argentine has offers on the table from wealthy French clubs Paris Saint-Germain and Monaco.

Falcao will now link up at the Etihad with Sergio Aguero, the man he replaced at Atletico in 2011.

Aguero was one of several City players disenchanted with life under former boss Roberto Mancini.

Edin Dzeko may also leave City this summer but a proposed part-exchange deal involving the Bosnian and Falcao is not believed to interest Atletico.