Manchester City have confirmed that they have entered an agreement to become co-owners of A-League side Melbourne Heart.

The Sky Blues will not be making any further announcements regarding the deal as the Australian team is in the middle of its domestic campaign.

"We are excited about the opportunity to make Melbourne Heart one of the most successful football clubs in Australia and throughout the region," said City chief executive Ferran Soriano.

"We believe the strong sports culture of Melbourne combined with the football and commercial expertise within our consortium will make for a powerful combination both on and off the pitch."

City previously entered a deal that saw the club become co-owners of American outfit New York FC, who are due to enter Major League Soccer next year.

The group which owns rugby league's Melbourne Storm will take a 20% stake in Melbourne Heart as part of the agreement.