Inter did not specify whether Jovetic would sign on loan or on a permanent basis but British media reported that the 25-year-old Montenegro international will join on a two-year loan deal.
"Jovetic will arrive in Milan tomorrow (Monday) before undergoing a medical on Tuesday," Inter said on their Twitter page.
Jovetic joined City from Fiorentina in 2013 for 22 million pounds ($34.12 million) but the forward has struggled with injuries and scored only 11 goals in 43 games.
Inter, coached by former City manager Roberto Mancini, finished eighth in Serie A last season.
($1 = 0.6447 pounds)
(Reporting by Michael Hann, editing by Ed Osmond)
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