Pep Guardiola has signed a three-year contract to take over as Manchester City manager in July, according to a statement released by the Premier League club on Monday.

 The 45-year-old who is currently in charge at Bayern Munich salary will also rise to €20m (£15.2m) after it was confirmed he will move to the Etihad following the expiry of his contract with Bayern Munich by the end of the season..

A statement from City read: “Manchester City can confirm that in recent weeks it has commenced and finalised contractual negotiations with Pep Guardiola to become MCFC Head coach for the 16/17 EPL season onwards.

“The contract is for three years. These negotiations were a re-commencement of discussions that were curtailedin 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 Pellegrini, who is fully supportive of the decision to make this communication is entirely focused on achieving his targets for the season ahead of retaining the respect and commitment of all involved with the leadership of the Club.

Manuel Pellegrini claimed he was aware of City’s decision a month ago and claims he will leave on the terms of the original contract he signed when he joined City in 2013.

The 62 year old Chilean took over as Manchester city in 2013 after the departure of Roberto Mancinni winning 64 of his 99 Premier League games as City’s manager.

"Before I finish, I want to tell you I have talked with the club and I will finish my contract on the original date,” said the Chilean.

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