The Dutch giants parted ways with Kudus on Sunday, with the Ghana international completing a reported £38m transfer to West Ham United.
Kudus is the latest high-profile player to depart Ajax this summer after Edson Alvarez, Jurrien Timber, Calvin Bassey and Dusan Tadic, and head coach Maurice Steijn is now keen to use the funds generated to bolster his squad with new signings before the Dutch transfer window closes on Thursday.
According to The Telegraph, Ajax are among a number of clubs who hold an interest in 20-year-old midfielder McAtee.
The report adds that Ajax are joined in the race for his signature by Wolverhampton Wanderers, Leicester City and Sheffield United, where the England Under-21 international spent last season on loan.
McAtee is allegedly open to returning to Bramhall Lane this summer after excelling under Paul Heckingbottom in the Championship last season, scoring nine goals and providing four assists in 43 appearances.
However, Man City are said to have informed interested clubs that they will not consider selling McAtee as they consider him as a potential first-team star for the future.
It is thought that Citizens manager Pep Guardiola would ideally like to integrate McAtee in his first-team squad this season, but the club recognise that he needs regular first-team football to continue his development and a potential loan exit could therefore be on the cards.
McAtee, who was named Premier League 2 Player of the Season in 2021-22, was part of Guardiola's squad during Man City's pre-season tour of the USA earlier this summer, and he scored in a 2-1 friendly win over Bayern Munich.
McAtee has since made just one brief substitute outing for City so far this season, coming on the for the final minute of a 3-0 Premier League win at Burnley earlier this month.
The potential departure of McAtee comes at a time when Man City are looking to strengthen their options in midfield, with Wolves' Matheus Nunes recently emerging as their top target.
The Portuguese has allegedly gone on strike and is refusing to train with Wolves' first-team squad after expressing his desire to join the Citizens, who have seen an opening offer of £47m rejected.
Wolves only signed Nunes last summer from Sporting Lisbon for a club-record £38m and they are now thought to value Nunes in excess of £60m.