City are set to pay €23 million plus add-ons for the Spain Under-21 international. Negotiations are ongoing but City are hopeful of concluding a deal.
Valencia have been resigned to losing Torres, who had just one year left on his contract. He has made 97 appearances for the La Liga side, scoring nine times. He has won six caps for Spain's U21s.
City have moved quickly for Torres, who has also attracted interest from a host of Europe's top clubs. Personal terms should not be a problem with Torres keen to link up with Guardiola at the Etihad Stadium.
After finalising the deal with Valencia, Begiristain is expected to turn his attention to bolstering Guardiola's defence.