Laporte has made 180 competitive appearances since joining Pep Guardiola's side from Athletic Bilbao in January 2018.
The defender has helped the Citizens win multiple honours, including five Premier League titles and the Champions League, but his time with the club appears to be nearing its conclusion.
Laporte has been linked with a move away throughout the summer transfer window after falling down the pecking order at Man City last season.
Guardiola preferred to utilise the likes Manuel Akanji, Nathan Ake, Ruben Dias and John Stones during the club's famous treble-winning campaign.
The signing of Croatian defender Josko Gvardiol from RB Leipzig has effectively left Laporte surplus to requirements at the Etihad Stadium.
A recent report claimed that the Citizens had accepted an offer for the Spaniard from Saudi Arabian club Al-Nassr.
According to talkSPORT, Laporte has now reached an agreement with Al-Nassr over a lucrative three-year contract worth £64m.
The centre-back is set to become the second player to leave Man City for the Saudi Pro League this summer after Riyad Mahrez joined Al-Ahli last month.
In a separate update, the Daily Mail states that Laporte will travel to Saudi Arabia on Monday to complete his £23.5m move.
Al-Nassr, one of four Saudi Arabian clubs owned by the nation's Public Investment Fund, have already recruited Sadio Mane, Seko Fofana, Marcelo Brozovic and Alex Telles.
The Spain international will also link up with former Manchester United and Real Madrid star Cristiano Ronaldo, who made the switch to the Middle East earlier this year.
Luis Castro's side have experienced a difficult start to their league campaign, losing to Al Ettifaq and Al-Taawoun in their opening two matches.