After all the rumors it was finally confirmed today that, as reported by Sky Sports, Pep Guardiola is set to take over the manager's position from its current holder Manuel Pellegrini on June 30th.
Current manager Manuel Pellegrini is still going to see out the rest of the season.
Here is Manchester City's official club statement regarding the matter
"Manchester City can confirm that in recent weeks it has commenced and finalized contractual negotiations with Pep Guardiola to become MCFC Head Coach for the 2016/17 EPL season onwards.
The contract is for three years. These negotiations were a re-commencement of discussions that were curtailed in 2012.
Out of respect for Manuel Pellegrini and the players, the Club wishes to make its decision public to remove the unnecessary burden of speculation.
Manuel, who is fully supportive of the decision to make this communication, is entirely focused on achieving his targets for the season ahead and retains the respect and commitment of all involved with the leadership of the Club."