Foden saw his game time increase towards the end of last season and he's repaid the Citizens with a string of sparkling performances.
City boss Pep Guardiola has showered the 20-year-old with praise since he took over and expects big things from the midfielder.
90min.com have reported that Foden's current contract runs until 2024, but the club want to tie him down even longer.
The Stockport-native made his debut for the England national team earlier this month and David Silva's departure means he is in line for more first-team minutes at the Etihad.
City's own social media team referred to Silva as the 'Spanish Phil Foden' last year and he already knows the high standards he has to live up to.
"I really thought David was going to have a go at them for that because it is a big statement," Foden told Sky Sports.
"He has been my idol growing up. I have tried to learn from him as much as I can and take it into my game. It is not like I am trying to copy everything that he does but if I take his strong points - how he moves into spaces and receives the ball - it can only help me as a player.
"I think he has brought my game on massively."
While Foden broke into the team as a midfielder, his eye for goal is impressive and he can even operate out wide.
He scored in Monday's 3-1 victory over Wolverhampton Wanderers and bagged the winner against Bournemouth in the Carabao Cup on Thursday.
"I am feeling really confident in front of goal," Foden continued. "Every chance I get I feel like I am going to score. I just enjoy scoring goals and that is what I always want to do in training.
"Through quarantine I tried to work on some things like one-on-ones and come back stronger. I think I have had good start to the restart and I just want to keep the form going."
Speaking about Foden last year, Guardiola stated: "He has everything to become one of the best players.
"I have said many times in press conferences, but maybe not said it in front of him, Phil is the most, most, most talented player I have ever seen in my career as a manager.
"His only problem is sometimes his manager doesn't put him in the starting XI. Hopefully in the future that can improve."
Featured Image Credit: PA Images
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