The Swedish striker is on the cusp of completing a move to Portuguese giants Sporting Lisbon in a deal that is reportedly worth £20.5million.
It comes after the lethal attacker scored 22 goals and bagged 10 assists for the Sky Blues last term, helping them to the Championship play-off final where they missed out on a spot in the Premier League by losing to Luton on penalties.
With just a year left on his contract, Coventry had little choice but to cash in on their talisman, however they have managed to sign his replacement with money to spare after signing Ellis Simms.
The Everton striker has moved to the Sky Blues in a deal worth £8million.
After scoring seven goals in 17 appearances during a loan spell with Sunderland last term, Simms was recalled to Goodison Park in the January transfer window as cover for the injury-hit Dominic Calvert-Lewin.
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During the rest of the season, the 22-year-old made 11 appearances, starting two times and scoring once in the Premier League.
Speaking of the signing, Coventry boss Mark Robins said: "We are delighted to welcome Ellis to Coventry City.
"He is a strong, powerful striker who also has pace and finishing ability, and he is a key signing for us.
"Ellis is a young player who is keen to continue his development and to impress at Coventry City, and we look forward to working with him."