Pep Guardiola side are ‘hours away’ from announcing the signing of the goalkeeper.
Riesgo who had rejected the offer of a new contract at Eibar, will provide cover for Ederson and Claudio Bravo at City.
City will send young goalkeepers Aro Muric and Daniel Grimshaw on loan to get valuable experience following his arrival.
Riesgo will also be allowed to develop his skills as a goalkeeping coach in City’s academy.
In another development, City has agreed to meet Napoli’s huge £107m asking price for Kalidou Koulibaly.
Following captain Vincent Kompany’s departure to Anderlect, City are looking for a new central defender.
Leicester City’s Harry Maguire has also been linked with a move to the Etihad.
The report added that Pep Guardiola’s side will meet Napoli’s huge £107m for the defender.
