It was rumoured that German daily newspaper Bild were about to report that a deal between Manchester City and Borussia had been struck to send Reus to the Premier League in exchange for Dzeko - but nothing materialised overnight.
The Bosnian striker is understood to be at the top of the Bundesliga outfit's shopping list as they prepare to lose Polish striker Robert Lewandowski in the summer - possibly to rivals Bayern Munich.
City will look to recoup as much of their £25million outlay on Dzeko as possible, although a swap deal for the highly-rated Reus is something that they would clearly look at.
The Germany international moved to Dortmund from Borussia Moenchengladbach last summer for £14million last summer and has scored 17 goals, including one in the Champions League against City at the Etihad Stadium last October.
City were linked to Reus before his move to Borussia and have been monitoring his progress in Germany this season.