Premier League champions City have agreed a £60 million ($79m) fee with the Foxes to sign the Algeria global.
Sky Sports reported recently that Riyad Mahrez will travel to Manchester for a medical after Leicester accepted a bid believed to be in the region of £60 million after much speculation over his future. Guardiola's men have a lot of games to play next season and Mahrez will certainly get his chance to shine.
Mahrez will cost and initial £60m from the Foxes, with add-ons that will take his overall price just short of Leicester's initial £80m asking price for the Algerian.
Rob Tanner, a journalist with the Leicester Mercury and offer of of the official book to commemorate the Foxes' title success two years ago, expected Mahrez to go.
The Algerian global returned to top form last season, scoring 13 goals and providing 13 assists in 41 appearances.
According to a number of sources, he is now expected to undergo a medical in the coming days, with the club's thought to have agreed a deal worth around £60m - significantly less than was being discussed six months ago.
Leicester have allowed him extra time off since Mahrez - who has made 179 appearances for Leicester, scoring 48 times - went off on worldwide duty for his country in June.
The 2015-16 PFA Players' Player of the Year was not due to return to pre-season training with Leicester for another fortnight.