The midfielder will see his wage rise to over £190,000-a-week on his return from holiday in the coming days, putting him in the same pay bracket as Carlos Tevez and Yaya Toure

The Spain international currently earns a reported £130,000-a-week with the Premier League champions and will be rewarded for his perfomances last season with a rise to over £190,000-a-week, putting him in the same pay bracket as the likes of Yaya Toure, Carlos Tevez and Sergio Aguero. 

Club representatives met Silva's agents in Barcelona to discuss the deal last month and have held further dialogue since to thrash out the terms of the contract, which is expected to be either four or five years in length.

Silva will put pen to paper on his new deal once he returns to the club in the coming days after an extended holiday, granted to him by Roberto Mancini after the 26-year-old played a pivotal role in Spain's successful Euro 2012 campaign in Poland and Ukraine. City are then hoping to announce the new contract on their upcoming tour of China.

Silva, who was linked with Real Madrid earlier this month, made clear his intention to stay at the Etihad Stadium in April, exclusively tellingGoal.com: "I know City want to speak to my agents at the end of the season for a new contract, but I am relaxed.

"I have two years still left and I am happy here. I have progressed as a player since leaving Valencia and I am fighting to win titles. That was my aim when I left La Liga."

Securing the signature of the former Valencia man has been one of the club's top priorities this summer, with City officials keen to keep hold of their top talent as they look to both defend their domestic title next season, as well as make a serious assault on the Champions League. 

The Spain star was voted Player's Player of the Season last term, after proving crucial to City's title win, with six goals and 18 assists in the league alone.

Silva's new contract will follow that of Mancini, who penned a new five-year deal at City a fortnight ago after talks with owner Sheikh Mansour and chairman Khaldoon Al Mubarak in Abu Dhabi following the club's dramatic title victory on the final day of the season.