The 19-year-old spent last season in the Dutch second division with NAC Breda and will now challenge himself in Serie A.
According to Di Marzio, Ilic is heading to Verona on a one-year loan deal from City.
Verona will have the right to buy Ilic, a Serbian youth international, next summer.
The highly-rated Ilic will undergo medical tests on Wednesday ahead of signing his contract.
Ivan and his older brother Luka, also a midfielder, were sold to City by Red Star Belgrade in 2017.