The Premier League champions announced that they have agreed a deal in principle for the Borussia Dortmund star after triggering his release clause.
As a result, City will now continue personal talks with the player in the hope of agreeing terms over his contract at the Etihad Stadium.
Assuming that there are no issues on that front, Haaland's arrival could be transformative for Pep Guardiola's side.
As well as scoring 85 goals in 88 appearances for Borussia Dortmund, the 21-year-old Norwegian has also notched 15 goals in 17 appearances for his country.
However, it's his form in Europe's premier competition that really separates him from the rest.
Man City have showed their undoubted quality in the Premier League and domestic cups in recent years. but in the Champions League things haven't gone their way.
Guardiola's side have come close to winning it, having reached the final last season. They reached the semi-finals this term but were suffered a sickening exit at the hands of Real Madrid.
That could change with Haaland now on board.
For Red Bull Salzburg and Borussia Dortmund, the striker has netted a staggering 23 times in 19 appearances in the competition.
As a result, Haaland has become the most efficient attacker in the Champions League history.
According to Opta, Haaland has the best minutes per goal ratio of any player to compete in the competition, scoring on an average of every 64 minutes of players who have at least 15 Champions League goals.
Harry Kane, Lionel Messi, Roberto Soldado and Mario Gomez are all among the competition's most efficient players, with each of them averaging a goal just over every 100 minutes played.
However, Haaland has averaged a goal every 64 minutes in the competition, meaning that he's typically scored just short of 1.5 goals for every 90 minutes that he's played in the competition.
If the Norwegian can muster that sort of record under Guardiola then there's every chance that he could be the missing piece of the jigsaw as City finally look to add the Champions League trophy to their lengthy list of silverware.