City boss Mark Hughes paid just £3.3 million to sign Santa Cruz from Bayern Munich as Blackburn manager last summer but 23 goals in his debut season in England means Rovers could get a return four or five times their initial investment.
Santa Cruz is planning to hold talks with new Rovers boss Paul Ince who is adamant he does not want to lose last season's top goalscorer.
"I think a move is unlikely because my new manager Paul Ince has already said that he doesn't want to sell me," added the player.
"I still haven't spoken to him since I returned from Paraguay but when I have the opportunity I will speak with them.
"The league starts again on August 16, my birthday, and I hope by then it will all be sorted out."