Manchester City have named Pep Guardiola as the club's manager for the next three seasons.
Guardiola will take over from Manuel Pellegrini at season's end.
The 45-year-old's deal is reportedly worth more than $15 pounds over the thee years.
“The contract is for three years. These negotiations were a re-commencement of discussions that were curtailed in 2012," Manchester City said in a statement.
“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.”
Guardiola won three La Liga titles with Barcelona and two Champions League titles between 2008 and 2012, before coaching Bayern Munich to the Champions League, German Cup and Bundesliga treble in 2013.
