The transaction is still progressing toward completion.

Barcelona is still working to complete the acquisition of right-back Joo Cancelo from Manchester City, and on Monday, a significant step was made in that direction.

The following days would be “crucial” in striking an agreement for the 29-year-old, according to Fabrizio Romano, who also claims that Barça have issued a formal bid to the defending European champions for the Portugal international on a season-long loan deal with an option to buy.

The most crucial fact, however, is that Cancelo’s remuneration has already been settled because Barça and Cancelo have reached personal terms. Joo would need to cut his compensation to fit inside Barça’s budget and La Liga’s salary ceiling, and if the two parties have already reached a deal, one would presume he has consented to do so.

Now City must decide whether to accept the offer. While they would prefer a permanent transfer, they are aware that Cancelo want to join Barça and that Pep Guardiola needs a quick resolution given his strained relationship with the players.

This transaction appears to be close in a couple of days.