"Transport for Greater Manchester is understood to have secured £15m from the Government's Cycle City Ambition Grant programme to encourage more people to get on their bikes."
No idea if it is true or not, we will probably have to wait for an official announcement.
The source of the story seems to be a press release on 24th May from Lib Dem MP Andrew Stunell.
Update: the page has now been deleted, but you can still read the press release here.
It is likely that the announcement of the grant will be made sometime around Bike Week.