The 25-year-old -- who was restricted to around 30 appearances for City in the two years since he joined them for £22million ($34million, 31million euros) from Fiorentina -- will undergo a medical in Milan on Tuesday.
If Jovetic passes his medical he will be Inter's second major signing of the close season, the Italian club having paid Ligue 1 side Monaco a reported fee of 35 million euros for French international midfielder Geoffrey Kondogbia.