The sale of Bony breaks the record for the sale by the Welsh club. Earlier the record was held by Joe Allen, who was sold for £15m to Liverpool.
According to BBC, the deal has been agreed between the clubs and the personal terms with the player are yet to be agreed. But this is a mere formality as it is a done deal.
City faced some stiff competition from fellow premier League rivals like Arsenal, Liverpool and Tottenham but they eventually prevailed and prized away him from their rivals.