Sport understands the 20-year-old Spaniard is keen on a move to Etihad Stadium.
The two clubs reached an agreement which also includes add-ons that could be worth an extra £11m ($14m).
Despite Bournemouth's relegation to the Championship, Ake's reputation has soared since he left Chelsea in 2017.
Due to the United Kingdom government implementing travel restrictions surrounding the Covid-19 pandemic, he is expected to complete his medical in Spain ahead of joining up with the squad for the new Premier League season.
Juventus had been mentioned as showing interest a few weeks ago, but Manchester City were always going to be the favourites.
Spain Under-21 global Garcia started six of City's 10 Premier League games after the season restarted in June.
The Times reported that the Spain youth worldwide has agreed a five-year deal with the Premier League club.
Torres has a €100m buy-out clause in his contract, but with only a year left on his deal, Valencia have been forced to accept a reduced price.
City are in the market for a new winger following the departure of Leroy Sane to Bayern Munich. They have been linked with a move for Bournemouth's Nathan Ake but sporting director Txiki Begiristain is expecting a "strange" transfer window. That said, no club has commented officially so we will have a wait a bit to see whether Torres joins City. 'It will be a unusual window because people have to move fast.