The reigning Premier League champions have struck an agreement worth £33million plus add-ons for the 20-year-old centre-back.
Khusanov will now undergo a medical ahead of signing a four-and-a-half year contract with the option of an extra year in what will undoubtedly be the biggest deal of the January window so far.
The Uzbekistan international was previously a target for Tottenham but will now join their Premier League rivals this month instead.
He is set to be City's first signing of the January transfer window and will be a welcome boost given their injuries in defence.
John Stones is currently nursing a foot injury whilst Ruben Dias is dealing with a muscle problem.
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Khusanov was a youth player for Uzbek club FC Bunyodkor before he moved to FC Energetik-BGU Minsk in Belarus.
He scored four goals in 37 appearances for the club to earn a transfer to France with Lens.
The defender became the first Uzbek player to ever feature in the French top flight when he made his debut in September 2023.
At international level, he has made 18 appearances for his country and featured at the AFC Asian Cup last year.
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City could be set to make another addition in January to help revive what has been an underwhelming season as defending champions.
Eintracht Frankfurt star Omar Marmoush is of interest to the club but talkSPORT understands they'll need to pay £50million for him.
Marmoush has netted 13 goals in the Bundesliga this season, which is one behind leading scorer Harry Kane of Bayern Munich.
"I was clear in my answer, I'm not going to talk," he insisted." He's a player from another club, I'm not saying an answer.
"You can say in every single press conference to talk about the transfer window until the end, I'm not going to answer one question!
"In the past, the same happened. I was clear. You can try it any time you want, no problem at all, but you know my answer. It's easy. No comment."
A Marmoush arrival for £50million would become the biggest deal of the January window so far as clubs strengthen for the final months of the season.