Portugal's defender Ruben Dias attends a press conference on the eve of the UEFA Nations League football match between Sweden and Portugal on Sept 7, 2020 at the Friends Arena in Solna, near Stockholm. (JONATHAN NACKSTRAND / AFP)

Manchester City have reached an agreement to sign defender Ruben Dias from Benfica for 68 million euros (US$79.13 million) plus add-ons, the Portuguese club have said.

Ruben Dias will be Man City’s fifth signing of the summer, following the arrivals of Pablo Moreno, Ferran Torres, Nathan Ake and Scott Carson

City’s Argentinian defender Nicolas Otamendi will go the other way in a separate transfer for 15 million euros, Benfica said.

Benfica confirmed the transfers in a statement on Sunday but said the players would still need to sign their respective contracts.

Dias, 23, has made 137 appearances during a four-year spell with the Portuguese club, winning the league title in 2018-19. He has won 19 caps for Portugal and was part of the side that lifted the UEFA Nations League trophy last year.

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His arrival will help shore up a leaky City defence, which shipped five goals to Leicester City on Sunday.

Dias will be City’s fifth signing of the summer, following the arrivals of Pablo Moreno, Ferran Torres, Nathan Ake and Scott Carson.

Otamendi, 32, won two Premier League titles and an FA Cup with City and leaves after five seasons.