Manchester City are set to complete the signing of Malaga goalkeeper Willy Caballero for a fee close to £7m, reports in Spain claim.
The Chilean boss has been seeking a backup goalkeeper in recent months since controversially dropping England international Joe Hart on the bench in favour of Costel Pantilimon.
And AS reports following successful negotiations between the clubs Pellegrini will be reunited with Caballero at the Etihad Stadium next season – having been his No.1 during his time in La Liga.
City have agreed to pay around £7m to Malaga to secure his services while the keeper has already agree personal terms with the Premier League champions.
Even though he surprisingly was excluded from Argentina's World Cup squad the 32-year-old has garnered a reputation as one of the best keepers in La Liga.
Alongside current Real Madrid star Isco, he was the key player in Malaga's astonished campaign under Pellegrini two season ago, making the Champions League quarter-finals before losing to eventual finalists Borussia Dortmund.
City have also been recently linked with the Real legend Iker Casillas and former Barcelona star Victor Valdes but Pellegrini has finally opted for a lower profile stopper to bolster his resources.
Despite the Argentinian being expected to fill the vacancy left by Pantilimon - following his move to Sunderland - he has proved in Spain that he also has what it takes to compete with Hart for the No.1 role.
City have already confirmed the signings of midfielder Fernando, from Porto, and right-back Bacary Sagna.
Meanwhile, Malaga are reportedly in advance negotiations with Mexico World Cup sensation Guillermo Ochoa as his replacement.