Wolfsburg and Manchester City are on the verge of a $83.4 million (£54 million) transfer deal sending Kevin De Bruyne back to the English Premier League.

Brian Marwood, City’s head of football administration, acknowledged the club are interested in signing the midfielder to extend the expensive strengthening of their squad.

Klaus Allofs, Wolfsburg’s general manager and former striker for West Germany, confirmed in Monaco that negotiations with City are continuing, saying he hoped the deal will be finalised on Thursday night or Friday morning.

“During the day we have gone on with negotiations and we’ve got closer to each other,” Allofs said, after Wolfsburg drew Manchester United, CSKA Moscow and PSV Eindhoven in Group B. “But the deal is not already done. So hopefully we will find an end tonight or tomorrow morning.”