City boss Pep Guardiola has confirmed he wants a new centre-half signing in January and Laporte is on the radar.
Tied to Bilbao until 2020, his deal carries a €65m buyout clause - which will increase to €75m next summer.
Laporte has admitted City have been long-term suitors.
But Laporte, 23, told L'Equipe: "I had the chance to leave but I did not feel it.
"Also because I was injured and did not want to leave."