Man City challenge Tottenham for star Espanyol pair
Tottenham face competition for two of their January transfer targets.
Centre half Ruiz, 21, has also been watched by Tottenham after the Spain under-21 international put on some good performances for Espanyol this season.
Striker Osvaldo, 24, born in Argentina but now has dual Italian citizenship, has also attracted interest from Blackburn and Juventus.
City have the finances to blow their competition out of the water but Espanyol sporting director Ramon Planes said: "We would only consider deals with a formal offer but we haven't received anything yet."