Xavi has made the Spain international Football a prime target when he takes over as manager at Camp Nou.
An agreement between the two teams is still being finalized. But that figure is expected to start at £46.7m, with an additional £8.3m in bonuses and no player swaps in the deal. So there will be no Barca players who switch sides to the Etihad Stadium.
City signed Torres from Valencia in 2020 for £20.7 million in his final year of contract.
The 21-year-old Torres started the season with quite good form. But has been suffering from injuries since October from fractures of the metatarsal bones. which had to rest from then on.
An initial €55m (£47m) fee which could rise to more than €60m (£51m) is understood to have been agreed between the clubs, with the process now in its final stages.
City will make a significant profit on Torres, who only joined in a £20.9m. He move from Valencia during the summer of 2020 and has missed the last two months with a foot injury.
The 21-year-old had become frustrated with a perceived lack of playing time under Pep Guardiola. He having made a total of 43 appearances since his arrival.
Torres is understood to be excited to play a central role in head coach Xavi’s rebuilding of Barcelona. Who have been besieged by troubles on and off-the-pitch over the past year.