Twenty-two people were killed and 64 injured when Salman Abedi blew himself up at the venue on Monday.
Toure’s representative Dimitri Seluk told BBC Sport: “We want to help the victims – the families of the dead or those who are now in hospital.
“I spoke to Yaya on Tuesday and he was very shocked by the terrible news.”
Seluk added: “We have arranged with the Manchester Evening News to help us get the money to the people who really need it.
“We don’t want to send it somewhere and nobody knows where it will end up – we want to make sure it goes to people for whom every penny helps.
“I think it will take a few days to organise it, but Yaya is in England and can come and present the cheque whenever it is needed.
“Yaya loves Manchester and has a big affinity with the city and its people.
“This fund is a chance for us to get the money to the right people, which is very important.”
SOURCE: BBC SPORT
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