EXCLUSIVE | By Manchester correspondent Alex Stevens

Manchester City will embark on the biggest spending spree in football history in a fresh bid to dominate English and European football, Football Insider sources understand.

The club’s Abu Dhabi owners are ready to sanction a world record spending spree of around £220million this summer to provide the manager with a squad that can win the Premier League and the Champions League.

Juventus’ Paul Pogba, Liverpool’s Raheem Sterling, Wolfsburg’s Kevin de Bruyne and Real Madrid’s Gareth Bale are among the marquee targets of the recently deposed English champions.

City are prepared to cash in on some of their own leading players in order to comply with Financial Fair Play guidelines. The Premier League club were fined by Uefa last summer for breaching the rules.

City will listen to offers for Yaya Toure, Samir Nasri, Edin Dzeko, Jesus Navas, Stevan Jovetic, Gael Clichy, Alekxander Kolarov and Bacary Sagna in order to raise funds and trim the wage bill.

City’s spanish executives Ferran Soriano and Txiki Begiristain have been tasked with what is likely to be the biggest overhaul of the squad since the summers of 2010 and 2011.

Sources expect the spend on incoming talent to eclipse even Real Madrid’s world-record splurge in 2009 when Cristiano Ronaldo and Kaka headlined the Spanish club’s staggering £190m investment.

City know that neighbours Manchester United will follow their £149m spend on new players last summer by backing Louis van Gaal to the hilt in the market for the second consecutive year.

As revealed by Football Insider, the exact kitty available to Van Gaal will be dependent upon United qualifying for next season’s Champions League, with the figure set to rise from around £165m to £200m if they finish in the top four.

United’s turnover of £433.2m is by far the highest in English football, around £86m more than neighbours City, although the figure is expected to drop to around £390m for 2014-15 due to no involvement in Europe.

United have already agreed a deal for Holland winger Memphis Depay, who will move to Old Trafford for a fee worth up to £23m.

City know that to compete with United, new champions Chelsea and Arsenal they need to freshen up a squad that has appeared stale this season.