The City Football Group already owns New York City FC and Melbourne City FC, as well as having a share in Japanese side Yokohama F Marinos.
China Media Capital bought a £265m stake in CFG last year and the Citizens are believed to have looked at both Shanghai and Hong Kong as possible locations.
Tom Glick, chief commercial officer of the City Football Group, said: "The important thing is for us is to add the right clubs in the right cities, in the right leagues. We are open to this.
"There are certainly some exciting, growing football markets around the world. Markets like China and India. We're quite active in China right now. It's an incredibly exciting place for football.
"We want to help in any way that we can with the mission that China is on and that could perhaps involve a club at some point."
Glick added to City AM: "We're convinced our (City Football Group) model has a bright future and will continue to grow us faster.
"We're seeing blue-chip brands and companies, and their investors and shareholders, are wanting to invest in the CFG."