Pep Guardiola is ready to commit his future to Manchester City by signing a new long-term contract - but only once he has lifted his first trophy.

The former Barcelona manager has agreed terms on a deal worth almost £20million a year, which would see his annual salary rise by around £3m.

Guardiola's current contract is due to expire at the end of next season, but he will put pen to paper on an extension to keep him at the Etihad until the summer of 2021.

Manchester City boss Pep Guardiola is ready to sign a new long-term contract with the club

Guardiola has helped City gain a 16-point lead at the top of the Premier League table

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The Spaniard gave no assurances that he would stay beyond the three-year deal he signed in 2016, but is now keen to continue his project at City.

However, Guardiola wants to collect his first piece of silverware before his new contract is officially announced by the club.

That could be as soon as next week, with City taking on Arsenal in Sunday's Carabao Cup final at Wembley Stadium.

Owner Sheikh Mansour was determined to tie Guardiola down to an improved deal after watching City storm clear at the top of the Premier League table.

Guardiola's improved deal will be worth almost £20million a year until the summer of 2021

The former Barcelona boss celebrates after a victory at Huddersfield in late November

Sergio Aguero and Co are 16 points clear of second-placed Manchester United and have all but sealed their place in the quarter-finals of the Champions League following a 4-0 win over Basle in the first leg of their last-16 tie.

Guardiola opted to leave Bayern Munich after fulfilling his three-year contract at the Allianz Arena, but he will not being doing the same this time around.

He would also like his backroom staff to be rewarded with improved deals - which include the same percentage wage increase as his own - to reflect the importance of their work this season.