Reggina have already claimed a fee had been agreed of £8.8million to bring the 24-year-old to Eastlands.
Foti told Gazzetta Dello Sport: "The negotiations are going forward and there is a willingness for an agreement.
"There are no problems at the moment and I think it will be shortly concluded."
Manager Sven-Goran Eriksson is hopeful a deal for the player who finished last season as the fourth-top scorer in Serie A can be completed for Bianchi to be a City player by the time of the club's first pre-season friendly at Doncaster on Saturday.
Bianchi would not be involved at the Keepmoat Stadium but at least a swift conclusion to the transfer - Eriksson's first since he succeeded Stuart Pearce as manager last week - would allow the Italian to have a couple of training sessions with his new team-mates before they depart for a two-game tour of Sweden next Wednesday.