All the latest transfer stories and rumours surrounding Manchester City this morning.
The Brazilian midfielder has had to be patient for his move to Manchester after a bid in January was rejected by the Portuguese club.
Now a £16m deal has been agreed and it's only a matter of time before he arrives in the country to undergo a medical.
His agent, Antonio Araujo, told Maisfutebol: "Everything is in Porto's hands and we hope to finalise the transfer by the end of the week.
"Fernando is in the city of Porto waiting for Porto tell him their decision about the documents they have received so that he can travel immediately."
The Daily Mail have it on good authority that Richards will reject the offer of a new contract from City, and push for a move out of the northeast.
The full-back has looked a frustrated figure at the Etihad this season after making just 10 appearances (2 in the league) in all competitions, and he did not qualify for a Premier League winner's medal.
With the imminent arrival of Bacary Sagna from Arsenal, Richards' opportunities could be even more limited if he remains with Manchester City next season.
West Ham boss Sam Allardyce is a known admirer and if reports are to be believed £5m could be enough to capture Richards. Although his £70,000 a week wages could prove to be a stumbling block.
City's £22m frontman Stevan Jovetic could be set for a swift return to Serie A, as it has emerged that Inter Milan are keen on adding the Montenegrin to their squad.
Injuries and struggling to settle into his new city have marred his debut season at the Etihad. He did however collect a Premier League medal after making 16 appearances (11 in the league) and scoring 6 goals in all competitions since his move from Fiorentina last summer.
If City were tempted to sell it would leave them with only three first team strikers, meaning they would almost certainly need to find a suitable replacement.