Despite their financial struggles, FC Barcelona have reportedly agreed a deal worth an initial 47 million pounds for the 22-year-old winger.
However, they could even still have trouble registering Torres within the salary cap imposed by La Liga.
“FC Barcelona has reached an agreement with Manchester City for the transfer of Ferran Torres,” the Blaugrana club said in a statement on their website.
“The player has signed a contract for the next five seasons, until 30 June 2027.
“His buyout clause has been set at 1,000 million euros.”
The Spaniard joined Manchester City from LaLiga outfits Valencia for an initial fee of £20.8 million plus bonuses in 2020.
Ferran Torres is ours until 2️⃣0️⃣2️⃣7️⃣!
— FC Barcelona (@FCBarcelona) December 28, 2021
He scored 16 goals in 43 games in all competitions for the Blues but was never a regular because of the many attacking options available in the squad.
He won the Premier League, League Cup and reached the final of the Champions League during his only full season in Manchester.
“Ferran should be proud of what he has achieved here at Manchester City,” said Txiki Begiristain, City’s director of football.
“Last season was his first time in a new country, but he adapted well. He always gave 100%, worked hard for the team and scored goals which helped us win trophies.”
Already eliminated from the UEFA Champions League at the group stage for the first time in two decades, the Blaugrana club faces a fight just to qualify for next season’s competition as they sit seventh in La Liga ahead of the winter break.
Leo Messi’s departure to PSG was caused by the club being unable to retain the Argentine due to spiralling debts.
FC Barcelona recorded losses of 481 million euros last season, with a gross debt of 1.35 billion euros.