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The Premier League champions are pushing hard to sign the England pair and things have heated up in recent times.
On Friday it was widely reported that City had tabled a £100 million bid for Grealish, while Monday's huge update is that England skipper Kane has not turned up for Spurs training.
A lot could happen between now and the end of the transfer window but if City do sign their two top targets, it could be game over for the rest of the league.
"If they get Jack Grealish & Harry Kane we might as well not bother turning up to the Premier League next season," was the statement from former Spurs and Wolves midfielder Jamie O'Hara on Sky Sports.
:speaking_head: "If they get Jack Grealish & Harry Kane we might as well not bother turning up to the Premier League next season." @Mrjamieohara1 on Manchester City potentially signing Grealish & Kane pic.twitter.com/5ZTjxbUrto
- Football Daily (@footballdaily) August 2, 2021
And when you look at the possibilities Pep Guardiola could have for next season and it's hard to disagree with O'Hara.
City played large chunks of last season without a recognised striker and yet won the league by 12 points. Throw in the talents of Grealish and Kane and you have serious strength in depth in attack.
Here are three potential XIs Guardiola could field next term:
Grealish can play in a number of positions and has even said so himself. But the talk is that Guardiola sees the Villa skipper as the perfect partner for Kevin De Bruyne, his favourite player by some distance.
Rodri or club captain Fernandinho would anchor the midfield, giving Grealish and De Bruyne the platform to strut their stuff.
You've also got Ilkay Gundogan who had a very strong 2020/21 campaign and popped up in big moments, though the arrival of Grealish might just bring about Bernardo Silva's departure if reports are to be believed.
Then there's also Phil Foden, Riyad Mahrez, Raheem Sterling, Ferran Torres and Gabriel Jesus, who all bring something different to the table.
But there's no denying that the possible arrival of Kane is the big one. The 28-year-old was the league's top goalscorer and creator last term and feels like a perfect fit for City, who let leading goalscorer Sergio Aguero leave on a free to Barcelona.
The link-up between De Bruyne, Foden, Grealish, Kane, Mahrez and Sterling and the like could be next level.
Grealish and Kane together will likely cost in excess of £200 million but City have already raised £51 million through player sales so far this summer - and that's without any senior players being offloaded.
Jadon Sancho's £73 million move to Manchester United earned City £9.74m due to a sell-on clause they arranged when he was sold to Borussia Dortmund in 2017.
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