Outgoing Bayern Munich coach Pep Guardiola will take over from Manuel Pellegrini at Manchester City on a three-year deal from the end of the season admitting it was a "risk" but also an opportunity he could not turn down.

"If I were 55 or 60 years old I'd stay (at Bayern) until Karl-Heinz Rummenigge or Matthias Sammer said 'enough'" Guardiola said.

The Spaniard said he thought himself "young enough. I need a new challenge". He added that he couldn't finish his career "without experiencing England".

"I love getting to know new restaurants new cities. I want to sample the atmosphere the emotions. I know it's a risk but it's exactly what I love."

Manchester City bankrolled by the Abu Dhabi United Group headed by Shaikh Mansour bin Zayed Al Nahyan Deputy Prime Minister and Minister of Presidential Affairs earlier released a statement saying they could "confirm that in recent weeks it has commenced and finalised contractual negotiations with Pep Guardiola to become MCFC head coach for the 2016/17 EPL season onwards".

"The contract is for three years. These negotiations were a re-commencement of discussions that were curtailed in 2012.

"Out of respect for Manuel Pellegrini and the players the club wishes to make its decision public to remove the unnecessary burden of speculation.

"Manuel who is fully supportive of the decision to make this communication is entirely focused on achieving his targets for the season ahead and retains the respect and commitment of all involved with the leadership of the club."

Guardiola announced in December that he would leave current club Bayern Munich in May after three years at the helm with an intention to coach in England next season.

The 45-year-old Guardiola notched up the treble of Champions League German Cup and Bundesliga titles in 2013 but in the last two seasons Bayern have exited the Champions League at the semi-final stage.

The ex-Spain international previously coached Barcelona from 2008-12 leading the Catalan giants to domestic and Champions League glory in a remarkable run of success.

The much-travelled Pellegrini 62 signed for City in 2013 becoming the first Chilean to coach in the Premier League as he took over from Roberto Mancini. During his tenure City have won 64 of the 99 games played. The only coach to have won more in his opening 99 Premier League games is Jose Mourinho (73).

Manchester City who currently sit second in the Premier League behind Leicester remain in the running for four trophies this season. Pellegrini guided them to Premier League and Capital One Cup success in his first season but the team failed to defend their title last season. Pellegrini announced his departure at the end of a standard press conference to preview Tuesday's Premier League game at Sunderland. That was quickly followed by the club statement.

Pellegrini said: "Before we finish I will tell you that I talked with the club and I will finish my contract on the original date in June.

"We extended the contract one year more but with the clause that one of the club or me may not use that extended contract. So I will finish here on the original date June 30. "There has been a lot of speculation about things but they (the club) are not doing anything behind me. I knew this one month ago. I don't think it is good to have speculation about different things."

All you need to know about the Spaniard coach

> Born Josep Guardiola i Sala January 18 1971 Santpedor Spain.

> Played as a defensive midfielder and joined Barcelona's youth academy in 1984. Given his first-team debut by coach Johan Cruyff in 1990.

> Won six league titles two King's Cups the European Cup Winners' Cup in 1997 and the club's first European Cup in 1992 before moving on in 2001.

> Had spells with Brescia and AS Roma and played in Qatar and Mexico before retiring in 2006.

> His career with Brescia was disrupted when he tested positive for nandrolone after a league match and was banned for four months. Guardiola protested his innocence and eventually cleared his name through the courts in 2009.

> Helped Spain win the gold medal at the 1992 Barcelona Olympics and won 47 caps for the national side.

> Began coaching career in 2007 when he was appointed coach of Barcelona B the club's reserve team steering them to the top of their group and promotion from Spain's tercera (fourth-tier) division.

> President Joan Laporta promoted him to his first top-flight post to replace Frank Rijkaard in 2008 and he guided the side to a treble in his first campaign.

> They won La Liga beat Athletic Bilbao in the King's Cup final and defeated Manchester United 2-0 in the Champions League final in Rome.

> Won six trophies in 2009 by adding the European and Spanish Super Cups and Barcelona's first Club World Cup.

> Won a second successive La Liga title in 2010 with a record 99-point haul recording only one defeat.

> In Guardiola's third campaign Barca retained the Spanish Super Cup went on a 23-match unbeaten run on the road a club record and won the league again but were beaten 1-0 by Mourinho's Real Madrid in the King's Cup final.

> Beat United again in the Champions League with a 3-1 triumph in London.

> In the 2011-12 campaign Barca won the European and Spanish Super Cups a second Club World Cup and the King's Cup in Guardiola's final match as coach.

> Barca reached a record-equalling fifth consecutive Champions League semi-final but were undone 3-2 on aggregate by Chelsea.

> In four seasons as a coach Guardiola won nine out of 15 'Clasicos' against Real Madrid. He drew four and lost twice. Won 14 trophies.

> Guardiola took a year out in 2012 living and studying in New York before taking over Bayern Munich in 2013 following their treble-winning season under Jupp Heynckes.

> In his first season in charge Bayern won the Bundesliga in record time and also clinched the German Cup having won the UEFA Super Cup upon his arrival and the Club World Cup earlier in his first season.

> He won the league again 2015 and his team is on track for a record fourth consecutive Bundesliga crown this season - a third in a row under Guardiola.

> Despite domestic success Guardiola has failed to deliver the Champions League trophy to Munich with Bayern eliminated in the semi-finals in the previous two seasons.

> He turned down a contract extension from Bayern late last year saying he wanted to work in England's Premier League.

> Named as Manchester City's next manager