The Portugal international spent the 2023-24 campaign on loan at Barcelona from Man City, making 42 appearances in all competitions.
Cancelo is yet to return to the Citizens for pre-season training due to his involvement in Euro 2024, but as it stands, the right-back will be linking back up with Pep Guardiola's side ahead of the 2024-25 campaign.
The defender is not thought to have a future at the Etihad Stadium, though, due to the breakdown in his relationship with the English club's head coach Guardiola.
Man City are thought to want €25m (£21m) for Cancelo, which will prove problematic for Barcelona, as the club have other priorities in the market, including Athletic Bilbao's Nico Williams.
Flick 'wants' Barcelona to re-sign Cancelo
Al-Ahli and Al Ettifaq have allegedly made it clear that they are prepared to meet Man City's asking price, but the full-back is said to be determined to secure a return to Barcelona.
According to Mundo Deportivo, Barcelona boss Flick has made it clear that he wants Cancelo to be the team's right-back once again during the 2024-25 campaign.
The report claims that Cancelo's agent Jorge Mendes is currently exploring all options on the table, with another loan switch to Barcelona not being officially ruled out.
Juventus and Inter Milan have also been credited with an interest in Cancelo, with the Italian giants both thought to be keen to re-sign him this summer.
Cancelo is 'determined' to secure Camp Nou return
Cancelo represented Inter on loan during the 2017-18 campaign during his time at Valencia, while he joined Juventus in 2018, turning out for the Old Lady for one season ahead of a move to Man City.
The defender's desire to return to Barcelona could be key, as he may be prepared to wait until the final stages of the window, which could force Man City's hand.
Cancelo contributed four goals and five assists in his 42 outings for the Catalan outfit last term, while he has nine goals and 21 assists in 154 appearances for Man City in all competitions.
The full-back has another three years left to run on his contract at the Etihad Stadium, having penned a new contract with the Premier League champions in February 2022.