Trafford is an extremely promising young goalkeeper who played 45 games for Burnley last season and kept 29 clean sheets at he is only 22 yo.
It seems that Guardiola has finally found a replacement for Ederson, but decided not to buy a ready-made goalkeeper, but a young one with prospects for years to come. The length of the contract is not yet clear, but I think it will be at least five years, given the player's prospects.
This means that if this is true, he will be the fifth player to join the team this season. Rayan Aït-Nouri, Marcus Bettinelli, Rayan Cherki, and Tijjani Reijnders, and if James Trafford does join, City will have a lot of goalkeepers. Because Rayan Cherki is also a goalkeeper. But another issue is that this season, Man City does not seem to be making any big-ticket purchases. They seem to be buying many players at relatively affordable prices. This situation appears to be very different from previous seasons.