Manchester City are confident they will complete US$45million worth of transfer business by this week.

Despite being knocked out of the FA Cup by Nottingham Forest, City boss Mark Hughes has not stopped his recruitment program for the January transfer window.

According to Sky Sports News, the Premier League's richest club could complete the signing of Scott Parker for US$18million within the next 48 hours, following the capture of Wayne Bridge last week.

Parker, who played for Chelsea before moving to West Ham, is said to have entered into negotiations with City on personal terms, according to The Guardian.

The Guardian also reports that Hughes will complete the signing of their long-time target Roque Santa Cruz with a cash plus player offer to Blackburn. The deal is reportedly worth US$27million and includes Tal Ben Haim. Should Blackburn accept the offer, the Israeli international will link up with his former Bolton boss, Sam Allardyce.

Apart from Parker and Santa Cruz, the Abu Dhabi-backed club are more than willing to flex their financial muscle by making bids for West Ham's Craig Bellamy, Jermain Defoe of Portsmouth, Newcastle United keeper Shay Given and Arsenal's Kolo Toure.

City are willing to meet Pompey's US$30million asking price for Defoe. The England international is desperate to leave the South Coast side, and has already declared his interest in rejoining Tottenham.