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Manchester City have agreed a £6million ‎deal for Malaga keeper Willy Caballero.

Argentinian Caballero is due to fly to Europe for talks with the champions, who are set to pay up to £10million - based on appearances and success.

City boss Manuel Pellegrini - who previously worked with the 32-year-old at Malaga - has beaten off competition ‎from Monaco and Barcelona to sign a back-up for Joe Hart.

Meanwhile, City striker Alvaro Negredo will have to take a pay-cut to join Atletico Madrid.

Spanish champions Atletico, who also want Chelsea's Romelu Lukaku on a season-long loan as they sell Diego Costa to the Belgian's London club, will not match Negredo's current deal.

But Negredo may still move back to his hometown if Atletico give him a deal for five years on around £75,000-a-week.