According to guardian.co.uk:

Manchester City are on the verge of completing a deal to sign Emmanuel Adebayor from Arsenal, the Guardian understands. The two clubs have agreed a fee, believed to be closer to Arsenal's asking price of £25m than City's original offer of £20m, and the striker is in Manchester discussing terms on a five-year contract worth between £150,000-170,000 a week.

Given the pace that this has moved at, it may not be too much of a stretch to suggestion a deal could be completed by the end of today.

UPDATE:

During the Tevez press conference, Mark Hughes admitted that discussions were in progress over Adebayor and it was also reported that he was due to attend a work permit hearing.