Dias was Pep Guardiola's defensive lynchpin for five seasons at City, but the Catalan coach's decision to leave the Etihad Stadium after 10 years has created a vacuum of uncertainty, and Dias is reportedly considering his options.
The 29-year-old has firmly requested no questions on his future until the 2026 FIFA World Cup is over with his current City contract running until 2029.
After winning four Premier League titles and a UEFA Champions League crown under Guardiola's leadership, there are suggestions of the former Benfica man looking for a new challenge, if he's unconvinced by City post-Pep plans.
The club are working on a deal to bring Guardiola's former assistant Enzo Maresca back in as his replacement and talks over a compensation settlement with Chelsea are progressing.
As part of City's efforts to retain Dias, reports from Football Insider indicate Maresca will offer the Portugal international the club captaincy in an attempt to block the temptation of Real Madrid, after Bernardo Silva completed his own switch to the Spanish capital.
Silva took over the armband last summer, following the exits of Kevin De Bruyne and Kyle Walker, with Dias selected as part of a leadership group alongside Rodri and Erling Haaland.
Guardiola named him as captain four times in the Premier League last season and John Stones' departure also heightens the need for a defensive leader as Jose Mourinho plots his next move in the transfer market.