The France international's contract with Bayern runs to 2023 and he has rejected a new offer to 2026.
Foot Mercato says City are watching Coman's situation and are interested in bringing the World Cup winner to England this summer.
City sold Leroy Sane to Bayern last year and would be happy to replace him with Coman.
Indeed, during negotiations, City attempted to set up a swap involving Sane for Coman, though Bayern refused to do business.
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