The 17-year-old is said to be a "brilliant goalkeeping prospect" and a possible long-term rival to Joe Hart between the City sticks.
Bonilla plays for Boyaca Chico, but the club are keen to loan him out in Europe to add to his experience.
According to reports loan terms have already been tentatively agreed with City and he'll arrive in January.
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Meanwhile, Fulham fans look set to be disappointed when Roque Santa Cruz signs for Getafe in the transfer window. (Daily Mail)
The Manchester City striker has told the club he wants to leave and Mark Hughes was quick to register an interest.
Hughes signed the 29-year-old at Blackburn and City, and has made no secret of his desire to bring him to Craven Cottage.
But reports today suggest Santa Cruz is on the verge of agreeing a loan deal with Spanish side Getafe.