Cancelo, 29, is firmly out of favour at Manchester City after falling out with Pep Guardiola.
The Portugal international spent last season on loan at Bayern Munich and Guardiola’s side are now eager to jettison the defender again.
Spanish giants Barcelona want to bring the player to Nou Camp this summer and they are in negotiations with Manchester City over a deal for the Portuguese.
Talks between the two sides are in the advanced stage now, but according to Catalan daily Sport, the Camp Nou outfit are still working hard to arrange the money, which is needed for the completion of the deal.
Barcelona are reshaping their squad in alignment with financial fair play regulations in the ongoing transfer window.
And they are expected to make further additions to their squad after balancing the books.
Now all eyes will be on Xavi Hernandez’s side to see whether their efforts to wrap up a deal for Cancelo come together in the coming hours.
