By Fitzgerald Cecilio

London, England

Roberto Mancini has agreed to a fresh five-year managerial contract with Premier League champions Manchester City reportedly worth £25 million or equivalent to $40.1 million.

"Manchester City is a fantastic football club, from the owner, chairman, board and the executive team, through to the players, staff and fans," said Mancini, who will stay with the team until 2017. "I am very much looking forward to the challenges and excitement ahead."

"I am delighted to be able to give all of my efforts to Manchester City for a further five years. The opportunity which exists to build on our recent success is enormous," added Mancini, who replaced Mark Hughes as boss in December 2009 and guided the team to the FA Cup in 2011.

Mancini steered Manchester City to the Premier League crown on a dramatic final day of the season when Sergio Aguero's injury-time strike snatched a 3-2 win over Queens Park Rangers and secured the championship on goal difference over rivals Manchester United.

Manchester City begins its title defense at Etihad Stadium against Southampton August 19, but Mancini also has to prepare for the team's second Champions League stint.

"Roberto's managerial credentials have been well proven in Europe for many years and in leading a team which has won the FA Cup and an unforgettable Barclays Premier League title in successive seasons, his ability to manage in the English domestic game is also undisputed," said Manchester City's interim chief executive John MacBeath in a statement.

"This new agreement allows Roberto to focus on the challenge of guiding a team which is capable not only of defending the Premier League title, but one which can compete for European honors," he added.

Before giving Manchester City a Premier League title, Mancini won three straight Serie A championships with Inter Milan.

Soccer - Roberto Mancini Signs Five-Year Deal with Manchester City