The Sunday Mirror says Spurs boss Harry Redknapp has made no secret of his desire to make the powerful striker's recruitment permanent in the future.
The 27-year-old marksman signed a five-year contract at mega-rich City when he left Tottenham's arch-rivals Arsenal for £25million in July 2009.
But his £170,000 a week salary has left him in limbo, even though City boss Robert Mancini has made it abundantly clear the player has no future at City. He's on the kind of deal at the Etihad Stadium that few - if any - other English clubs could match.
Redknapp recognises the issue that he and his club are facing.
He said: "If Emmanuel maintains his current form I would love to keep him.
"But his wages are going to be a major stumbling block, that's for sure.
"I have no idea how much we are paying towards his wages at the moment as the chairman (Daniel Levy) deals with those issues but I suspect they are massively subsidised by City.
"The only way we can realistically get a deal done is if Emmanuel is prepared to take a substantial pay-cut and put his football before money."