The 20-year-old talent spent last season at the Stadio Bentegodi, where he scored three goals in 30 appearances between Serie A and the Coppa Italia.
That was a dry loan, with no option to buy, so Verona had to negotiate the transfer fee from scratch.
According to Sky Sport Italia and others this evening, the two clubs have reached an agreement worth €7.5m to make the move permanent.
Ilic already has two senior caps for Serbia under his belt and joined the Manchester City youth academy from Red Star Belgrade in 2017.
He also had loans at FK Zemun and NAC Breda, but the creative midfielder now becomes a Verona player.
There’s no buy back clause included. https://t.co/FidtZyEwBP
— Fabrizio Romano (@FabrizioRomano) July 29, 2021