Report: Manchester City reaches agreement with Valencia for transfer of Nicolas Otamendi

Great beards cost a lot of money. In this case, about €40 million.

Manchester City has brokered an agreement with Valencia over the signing of defender Nicolas Otamendi, and will pay the hefty sum in addition to sending an expensive defender of its own in the other direction, Spanish outlet AS reports.

Eliaquim Mangala, only 24, joined the club last season from FC Porto and cost City a massive fee of £42 million. While he struggled in his debut season, the fact that City will only be loaning the hulking Frenchman does suggest the club's brass still believes in his abilities to develop into a centre-back that can justify the aforementioned transfer fee.

Should this deal come to fruition, which AS claims will happen Monday, City will be procuring the services of one of the world's most sought-after central defenders, as a host of clubs have been rumoured to have interest in the 27-year-old Argentine international.

Related: Report - Nicolas Otamendi asks Valencia not to play him ahead of move to Premier League

Most prominently, City's bitter rival Manchester United was long said to be interested in Otamendi, with manager Louis van Gaal thought to view the bearded defender as an obvious solution to his apparent lack of quality in the position.

It seems he will indeed move to Manchester, just not the side of the city that Van Gaal and United supporters would have hoped for.