With his contract having less than two years to run, City spy a chance to prise Molina away from the Metropolitano next year.
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Signed three years ago from Udinese, Molina has developed into among the world's best attacking fullbacks.
The Argentina international is being watched by City this season, with the aim of moving for him next year.
A January offer for Molina hasn't been ruled out inside the Sky Blues.
