Barca were initially willing to meet the €20 million (£16.7 million) valuation for the 19-year-old, but Pep Guardiola's side have comprehensively outbid the Blaugrana.
According to Piera, the Brazilian starlet was eager to move to the Catalan giants; however, financial power has won the attacker's signature.
City are reportedly prepared to allow Jesus to remain at the Brasileirao club until the conclusion of the 2015-16 campaign in December.
The Brazil under-23 international will reportedly sign a five-year contract at the Etihad Stadium, after City fought off competition from elite European clubs, including Barcelona, Juventus, Bayern Munich and Real Madrid.
According to Brazilian and Latin American football expert Paulo Freitas, Jesus had previously voiced his intent to remain at the Sao Paulo club:
Per Piera, City were not part of the five-club membership—made up of Barca, Real, Bayern, Manchester United and Paris Saint-Germain—offered a cut-price €24 million figure by agent Cristiano Simoes to capture the forward.
With that in mind, key City officials Txiki Begiristain and Ferran Soriano put together a bumper deal to gazump their rivals and secure the signing of the direct, offensive forward.
Blessed with quick feet, a sharp burst of speed and impressive finishing ability, the teenager scored 10 goals in 14 league games for Palmeiras in 2016, providing four assists to his team-mates, per WhoScored.com.
Escojar provided footage of Jesus' first goal in the Brasileirao, demonstrating his clever movement and poacher instincts:
Meanwhile, Barca are desperate not to miss out on another of Brazil's young attacking talents, with an option to meet any bid accepted by Santos for Gabriel Barbosa, per Tuttosport (h/t Calciomercato.com).
Italian champions and Coppa Italia holders Juventus are reportedly desperate to capture the teenage sensation, who has scored 23 goals in 82 league appearances for his boyhood club, per WhoScored.com.
Take a look at the best skills, goals and tricks by Gabriel Barbosa in 2016:
According to Calciomercato, Massimiliano Allegri's side are willing to offer €18 million (£15 million) for the 20-year-old attacker, and Santos are set to mull over any offer, with the understanding they are dealing with one of South America's most prestigious talents.
Neymar's well-held standing at the Camp Nou could be used to persuade "Gabigol" to join his compatriot and make the switch to the Catalan giants.