Manchester City want to sign Alexis Sanchez and Kyle Walker (right)
Five players have left, several more players who have been out on loan will be off-loaded while up to six are expected to be bought.
City have already started their summer spending by splashing £43m on Monaco midfielder Bernardo Silva and are set to follow that up by smashing the wordl record transfer fee for a goalkeeper on Benfica’s Ederson Moraes, who is having a medical today.
Monaco left back Benjamin Mendy, Tottenham’ right back Kyle Walker, Juventus centre back Leonardo Bonucci and Arsenal striker Alexis Sanchez are all targets.
Al-Mubarak added: "It's a continuous conversation, it's a continual conversation between me and his Highness. Sheikh Mansour asks for regular updates on how our thinking is evolving. He's also in the process, he knows where we are going, so there are no surprises.
"By the time we come with our final lists, he has been aware from the beginning of where we are heading, so it's not me showing up one day, saying 'this is the list, these are the players we want'. Mansour from the beginning is part of the process and I keep him up-to-date on how Pep's thinking is going and how the group is supporting him."
Top 10 most expensive Premier League transfers Mon, May 29, 2017
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10. Juan Mata – £37.1m, Chelsea to Manchester United
Scouting is every day, all season long
Khaldon Al Mubarak
Al Mubarak says Manchester City have been changing the age profile of their squad since Guardiola was appointed.
"I think the transition of this squad in this cycle started last year. And if you look at the players we brought in last year, we brought in youth, talent, speed.
"I look back at some of our dealings last year and it's an indicator of how we are rebuilding this team. Leroy Sane, the right age, the right talent, one of the most-exciting prospects in Europe, and he's shown that on the pitch this year.
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"John Stones, 22, is going to be one of the best central defenders in the world, I have no doubt about that. A top, top player.
"Gabriel Jesus, 19, one of the top future talents in the world. So if you just look at those three examples, that's what we did last year and that's what you should expect this year.
Pep Guardiola will get Manchester City's backing in the transfer market
Manchester City also want to sign Leonardo Bonucci
"We are going to go and get some of the best talent in the world to be part of this strategy we have been pursuing. This cycle started last summer and this summer you should expect the same."
Asked whether if this summer's budget is £200m or even £300m he said: "It's slightly more sophisticated than that! It's a process that's continuous, it's part of our day-to-day operation.
"Scouting is every day, all season long. The manager is thinking about the squad every say, not just at the end of the season or the beginning, throughout the season.
"Txiki Begiristain [City’s sporting director], Brian Marwood, everyone in our football operation thinks about this every day. That thinking evolves throughout the year to get to a final point where decisions are made.
"Then finally in the final endorsement, Sheikh Mansour gives the green light to proceed, so it's a continuous process. It didn't begin on the Monday the day after the season ended, it's been going on from the beginning."