The La Liga club have included a buyout clause of 400m euros (£343m) in the 20-year-old's contract.
The Spaniard made 35 senior appearances in all for City, with 20 of those coming in the 2019-20 season when he was a regular starter for Guardiola as his squad was depleted by injuries.
He has featured seven times for Spain since his debut last September and has been included in Luis Enrique's Euro 2020 squad.
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