The 20-year-old has been on the same deal he signed in 2018, and his stock has risen significantly since.
Foden, who has been more involved with the first team in the past six months, will get a significant pay rise.
And according to 90Min, City want to ensure the player's long-term future is at the Etihad Stadium.
Foden's new deal could take his wage all the way up to £150,000-a-week.
It is a lot more compared to the £30,000-a-week he earns at present.