City enjoyed another strong season under Pep Guardiola, winning four competitions under the Spaniard.
But the Premier League champions look set to strengthen their ranks once again this summer.
Guardiola is always looking to add to his defence and is reportedly set to turn to a familiar face in the form of PSV star Angelino.
The 22-year-old left the Etihad permanently last summer following numerous loan spells, signing a five-year deal with the Dutch side.
Spanish outlet La Voz de Galicia report City want Angelino back, however, after his solid season in the Netherlands.
They report a €12m (£10.7m) buy-back clause was included in the left-back’s contract when he left England for €6m (£5.3m) 12 months ago.
City want to activate the terms of the deal to ensure they beat Arsenal, Barcelona, Napoli, Borussia Dortmund and PSG to Angelino’s signature.
La Voz de Galicia report the French giants have already launched an offer of €25m (£22.3m) for the youngster.
The Gunners are in need of defensive options following the departure of Stephan Lichtsteiner.
Meanwhile, Barcelona will be looking for a long-term replacement for Jordi Alba.
Guardiola awarded Angelino his first Champions League debut back in 2016 during the 1-0 win over Steaua Bucharest.
The Spaniard has enjoyed loan spells at New York City, Girona, Mallorca and NAC Breda during his career.
Angelino has also featured for Spain at youth level, playing for the U-17s and U-21s.
City have also been linked with Leicester full-back Ben Chilwell this summer.
The England international will cost significantly more than Angelino, as the Foxes don’t want to lose the 22-year-old before the August deadline.
Further up the pitch, Atletico Madrid central midfielder Rodri is rumoured to be on his way to the Etihad.
The Spaniard is seen as a potential long-term replacement for Fernandinho.