The club’s talisman, who scored the opener during Tuesday’s 2-1 win against Borussia Dortmund, has been conducting talks himself alongside two lawyers.
De Bruyne, 30, put pen to paper on Monday on a deal worth more than his previous £300,000 a week before bonuses and cements him as one of the Premier League’s biggest earners.
The news serves as a major fillip for City and the central midfielder is understood to have been given assurances of the club’s plans as they strive to win a first Champions League crown.
De Bruyne will hit a decade at the Etihad Stadium if he fulfils his latest new contract – mirroring the longevity of Sergio Aguero, David Silva and Vincent Kompany.
‘I could not be happier,’ he said. ‘Since joining City in 2015, I have felt at home. I love the fans; my family are settled here in Manchester and my own game has developed really well.
‘This football club is geared for success. It offers me everything I need to maximise my performance, so signing this contract was a straightforward decision. I am playing the best football of my career and I honestly feel there is more to come.’
De Bruyne was crowned PFA Player of the Year last season after equalling Thierry Henry’s record number of assists in a league campaign.
‘Pep and I see football in the same way,’ the Belgian added. ‘Having that relationship with a manager is so important to me because our objectives are totally aligned, and we want the same things.
‘My focus now is on ensuring we have a successful end to the current campaign. Our results and performances so far have been excellent, but we need to make sure we end the season with the silverware we deserve.’
A new deal for De Bruyne was first mooted 13 months ago but the player has remained relaxed through negotiations.
City made the announcement less than 24 hours after revealing financial losses of £126million for last season. Their wage bill is now at its highest under Guardiola, standing at £351m last year.
Sporting director Txiki Begiristain added: ‘This is a very significant moment for this football club.
‘Kevin is, without question, one of the best players in world football. His performance level has been remarkably consistent since coming to City, and in the last few years he has developed into one of the game’s elite players.
‘His talent is unquestionable – but he is also a consummate professional whose dedication to Manchester City during his time here has been nothing short of remarkable.
‘He constantly seeks to improve, and his approach is the perfect blueprint for any young player looking to carve out a career.
‘We are delighted he is our player and I look forward to watching him during his peak years here at Manchester City.’
Source: All Football