The Englishman who has three years left on his current deal has been in fine form for City this season and is considered by the City hierarchy as one of the key players in the club’s future.
As a result, the club has moved to reward him with a significant new offer that will reflect his status as a crucial player under Pep Guardiola and the club.
According to Goal, the new deal will make the academy graduate one of the best-paid young players in world football. The Premier League defending champions are expected to announce the agreement in the coming days.
Foden, who has been a lifelong City fan, joined the club as a six-year-old and has suggested he would find it difficult to join another club.
“I can only see myself playing for Manchester City, considering how much I’ve supported them from a young age,” he said earlier this year.
“It always helps when you play for a club you support.”
Guardiola is a big fan of the midfielder and has made his admiration known ever since Foden’s first start in a pre-season friendly in Houston against Manchester United in 2017.
The 21-year-old has now made 130 appearances for the club in all competitions, scoring 33 goals. He has already won three Premier League titles and was instrumental in City’s run to the Champions League final last season.
City are keen to tie down their best players to long contracts with Foden, just the latest member of the first team to sign a new contract. This year alone, City have renewed the contracts of Ruben Dias, John Stones, Ederson, Fernandinho and Kevin De Bruyne. At the same time, they also secured the futures of highly-rated youngsters Cole Palmer and Liam Delap.
However, Riyad Mahrez, Raheem Sterling, Ilkay Gundogan and Gabriel Jesus are all into the final two years of their contracts with the club still undecided about their futures.