Cash-rich Premier League squad Manchester City is reportedly set to challenge fellow English club Liverpool FC for the services of FC Barcelona's Marc-Andre ter Stegen as the German goalkeeper seeks an exit from the Nou Camp in the summer, recent reports say.

The Citizens are said to be "ready to rival" the Reds this summer for the signature of the 23-year-old Germany international, who had been Barça's resident shot stopper in Champions League competitions but had struggled for playing time in the domestic league, according to Metro.

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Ter Stegen had been sharing first team time with Chile national team goalie Claudio Bravo, who is nine years his senior. The 14-year veteran is Barça head coach Luis Enrique's first choice on goal in the team's past several games and had been effective in shutting down their opponents.

Incoming City manager Pep Guardiola is said to be planning an upgrade over current Manchester goalkeepers Joe Hart and Willy Caballero, although it is rumored that the latter will more likely be the one to get waived if the move for ter Stegen pushes through.

Liverpool, who is also keen on landing ter Stegen soonest, had submitted an £11 million proposal to Barcelona during the January winter transfer window, but it was turned down by the Catalonia giants, as per the Mirror.

The report said that Reds manager Jürgen Klopp wanted a goalkeeper that would "provide competition" to current starter Simon Mignolet, who had not been in top form at the net for Liverpool so far as he gave up 36 goals in 26 games in England.

It also mentioned that the oil-rich City is "willing to stump up more cash" than what the Reds had previously offered, which will make for an interesting summer for both English squads.

Ter Stegen was signed a five-year contract with Barcelona in May 2014 from Bundesliga side Borussia Monchengladbach for a transfer fee of €12 million. He is currently in his second season with Barça, appearing in a total of 40 contests, most of them in Cup and continental games.

Tags Football Transfer Rumors, Marc-Andre ter Stegen, FC Barcelona, Manchester City, Liverpool FC