Renan Lodi's Atletico Madrid contract reportedly contains a release clause.
The Premier League Champions remain in the market for a new left-back, after selling versatile Ukrainian Oleksandr Zinchenko and opting out of a move for Brighton full-back Marc Cucurella.
Cucurella completed an apparent £62 million transfer to Chelsea last week, despite continued interest from Manchester City.
Meanwhile, Zinchenko ended a six-year stay at the Etihad Stadium after completing an initial £30 million move to the Emirates Stadium last month.
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Pep Guardiola's side are widely claimed to be closing in on the signature of 21 year-old Sergio Gomez from Anderlecht, although the left-back is considered as a development signing by the Sky Blues.
Gomez is expected to be complete an £11 million move from the Belgian club imminently.
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Despite the Spaniards impending move to the Etihad, the Premier League Champions continue to pursue a more senior option.
Raphael Guerreiro of Borussia Dortmund and Vfb Stuttgart's Borna Sosa have been linked with the club.
Likewise has Atletico Madrid left-back Renan Lodi.
The 24 year-old made 40 appearances for Atletico Madrid last season, scoring four goals and assisting on a further four occasions.
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Lodi, featured in both legs of the fiery Champions League quarter-final clash between the La Liga heavyweights and City last season.
Amid reports of the Blues' interest in the Brazilian left-back, Matteo Moretto has revealed that a release clause exists in the Athletico stars current contract.
The journalist claims that the 24 year-old has a mouthwatering €120 million release clause.
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Moretto further reports that the Sky Blues are 'looking' at Lodi, although there is currently 'no official' offer from the club.
City have been linked with the Brazilian in the past, with the left-back player highly rated by manager Pep Guardiola.
Joao Cancelo started at left-back for the Champions away at West Ham last weekend, as City kicked off their Premier League title defence with a comfortable 2-0 win over the Hammers.
The transfer window closes for Premier League sides on September 1st , with less than a month remaining for City to add a new left-back to their squad.
Topics: Manchester City, Manchester City Transfer News & Rumours, Atletico Madrid, Premier League
Harry Winters