Moreno is set to become Guardiola’s fifth big-money signing after terms were agreed with the 19-year-old’s club Atletico Nacional.
The striker will arrive in Manchester this weekend to undergo a medical and sign a long-term deal.
His agent Eladio Tamayo said: “I will travel with Marlos on Saturday to sign a contract with Manchester City. He will then go on loan to Deportivo La Coruna for a year.”
Moreno’s arrival follows hot on the heels of the £27m capture of Gabriel Jesus form Palmeiras, a deal which has pushed City’s spending since Guardiola’s arrival through the £100m barrier.
The winger, who has been hailed as one of the most exciting talents in Brazil, has agreed a five-year-deal with City after deciding to snub strong interest from Barcelona.
He will be loaned back to Palmeiras until Christmas, before jetting back to England to join-up with Guardiola’s squad for the second half of the season.