Roberto Mancini was reportedly given a £7m severance package after he was sacked as Manchester City manager this week.

The Italian was relieved of his duties as City boss just 366 days after leading the club to their first title win for 44 years and was given the hefty pay-off, according to the Daily Mail.

City were beaten by Wigan Athletic in the FA Cup final last Saturday, a result which reportedly contributed to Mancini's downfall at the club.

The former Inter Milan coach was given a five-year extension on his contract in July 2012.

Malaga coach Manuel Pellegrini has been installed as favourite to take over at the Etihad next season.