Manchester City have been handed a huge boost in the transfer market this summer after UEFA decided to lift both their and French giants Paris Saint-Germain's Financial Fair Play transfer embargoes, reports ​the Mirror.

The Ethiad stadium based billionaires were forced to live with the unwelcome spending restrictions since last summer, after it had been revealed that the club had been given a £49m spending cap for breaking UEFA's strict rules regarding FFP.

Also hit with the same restrictions, PSG are also said to be in the clear regarding the unwelcome limitations - which had made spending big on talented players a problematic undertaking for both sides.

With large scale spending now giving the green light to begin, the announcement from European football's governing body is likely to kick-start massive spending at the Premier League giants, with a whole host of world class talent linked with moves to the cash-rich Manchester based side in time for the 2015/16 season.

Juventus v FC Barcelona  - UEFA Champions League Final
Keen to recruit fresh talent for the upcoming campaign, Manuel Pellegrini is reportedly ready to invest considerably this summer after the club side's disappointing 2014/15 season.

Leading this supposed list are Juventus' Paul Pogba, Liverpool want-away star Raheem Sterling and Wolfsburg assist maestro Kevin de Bruyne, who have all been heavily linked with the club in recent times.

However despite the clear positives regarding lifted restrictions, it is not all good news for Manchester City, after UEFA revealed in an official statement that the side will be monitored closely to make sure they comply with spending targets for 2016.

 "The UEFA CFCB has lifted a number of restrictions on transfer activity, employee expenses and number of players in UEFA club competitions imposed on Manchester City FC after the club reached certain targets towards break-even compliance as part of the ongoing monitoring of their settlement agreement.

"The lifting of restrictions is subject to ongoing additional controls and audits. The club remains under strict monitoring and has still to meet break-even targets and is therefore subject to some limitations in 2016."