The former Barcelona B defender has long been on the shopping list of City football chief Txiki Begiristain.
However, he states that Benfica's €30m price for Grimaldo is deemed too rich by City. The 25-year-old's contract expires in the summer of 2023.
Both Begiristain and City manager Pep Guardiola are well aware of Grimaldo, having both been at Barcelona as the fullback was coming through the club's La Masia academy. The former Spain U21 international would go onto to captain Barcelona B before eventually moving to Benfica five years ago.
Last season, Grimaldo played 43 games for Benfica, scoring two goals. He has a contract to 2023.
- updated August 2
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