Eintracht Frankfurst star Jovic has been in blistering form in Germany this season, firing 15 goals so far despite his side only being sixth in the league.
The 21-year-old is already being watched by Chelsea and Barcelona on the back of his exploits while he is on a two-year loan deal from Benfica.
And Goal claim City have now started to keep tabs on his progress as the plot their own transfer moves over the course of the upcoming summer.
Under the terms of the loan agreed between the two clubs, Frankfurt believe they have the option of activating a clause to sign Jovic on a permanent deal for just £5.3million.
They would then be able to cash in on the Serbian forward, valuing him at £52m.
Spanish champions Barcelona believe they are at the front of the pack chasing his signature, although it is reported they would only be prepared to pay around £34m.
That kind of money would be within reach of both Chelsea and City, bolstered by their lucrative incomes from the Premier League television deals.
Chelsea know they could be forced to spend heavily in the market on players this summer having been hit with a two-window transfer ban by Fifa.
The Blues are set to appeal that judgement, essentially leaving them clear to strengthen ahead of next season in case the embargo is enforced in the future.
But City's emergence as a club also following Jovic will come as more of a surprise given their priorities in the close season are in other positions.
Pep Guardiola has earmarked the signing of a defensive midfielder as key, to provide another option to the brillaint – but ageing – Fernandinho.
But the form and all-round performances of Jovic have seen him become a player too difficult to ignore, despite having Sergio Aguero and Gabriel Jesus in the squad already.
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