Coman is approaching the end of a two-year loan spell with Bayern Munich, who do have the option to buy him on a permanent basis, but must decide whether or not to do so by April 30.
It remains to be seen if Bayern will wrap up a permanent deal, but it might be worth doing so even if he does not figure in the plans of Carlo Ancelotti going forward.
The Bavarians are able to sign the France international for £18.2million due to a clause in the terms of the loan deal, and they could sense the opportunity to make a quick profit on the 20-year-old.
City boss Pep Guardiola was the man to set up the deal when he was with Bayern and is keen on a reunion, but Chelsea are believed to have nipped in first and offered Juve £43million.
City have matched that figure, but now it all depends on Bayern and whether they take up the option to sign him permanently.