Anderson's fee is set to surpass the £105 million Arsenal paid West Ham United for Declan Rice in 2023.
Transfer journalist Nicolò Schira reported on Tuesday that Anderson and Manchester City have reached an agreement in principle on a contract until 2031, with club-to-club negotiations between the Premier League runners-up and Nottingham Forest yet to begin in earnest.
Forest owner Evangelos Marinakis has set his benchmark at the £115 million Moïses Caicedo cost Chelsea, a figure that would confirm Anderson as the most expensive British player ever. Forest have no financial pressure to sell and are in no rush to facilitate a deal that does not meet their valuation.
Anderson, 23, has spent two seasons at the City Ground since joining from Newcastle United for £35 million in 2024. He made 50 appearances in all competitions this season, with Nottingham Forest manager Vitor Pereira giving him a standing ovation when he was substituted in Sunday's final-day draw with Bournemouth.
"Anderson and Morgan Gibbs-White deserve the top of the world," Pereira said. "I believe if we want to compete for different goals, we need to keep the best players."
City have been the frontrunners for most of the year and Pereira's own preference is clear: he would rather keep Anderson at the City Ground. But without European football next season — Forest finished 16th in the Premier League — the midfielder's path to a World Cup starting berth under Thomas Tuchel, and his desire to play at the highest level, makes a summer departure increasingly likely.
Manchester United have been monitoring the situation throughout. They remain in the race and believe the prospect of Champions League football at Old Trafford gives them a genuine argument. But City moved earlier, made personal terms their first priority and are now considered decisively ahead.
Anderson won the Under-21 European Championship with England last summer. A strong World Cup in June and July would only increase his market value — another reason City are pushing to conclude the deal before the tournament begins.