Hargreaves is poised to bolster Roberto Mancini's already formidable squad subject to proving his fitness after being released by Manchester United at the end of last season.
Lescott said: "Owen is an experienced player, he has played in the Champions League, is an international. It is only going to be good for the City squad if he signs."
He added: "I've worked with Owen at England level and he is a great professional.
"People ask if it represents a gamble but the club know what they are doing, Owen knows what he is doing. He is still a good player.
"He hasn't played as much as he would have liked over the last couple of seasons but the medical team we have is very good and very strong.
"If we can get him fit, I'm sure it won't be very long before he is back to his best. He will be a player with a point to prove after his injuries."
Source: PA
Source: PA