The Citizens have already agreed deals to sign forwards Erling Braut Haaland and Julian Alvarez but chairman Khaldoon Al Mubarak has revealed that the club will look to make "a couple more" signings this summer.
While finding a midfield replacement for Fernandinho seems to be high on their agenda, City are also believed to be on the lookout for a new central defender, with one report claiming that they are open to selling Aymeric Laporte, while another states that Nathan Ake is free to leave the club this summer.
According to Fichajes, City are closely monitoring La Liga pair Gimenez and Torres, who are valued by Atletico and Villarreal respectively in the region of £50m.
The report adds that Gimenez, 27, is considering a move to England this summer, while City may face competition from rivals Manchester United for the signature of 25-year-old Torres.
As for Bastoni, Pep Guardiola's side and Tottenham Hotspur are keeping tabs on the 23-year-old, but they may have to fork out around £60m if they are to persuade Inter to cash in on the defender.
Both Bastoni and Torres have two years remaining on their contracts, while Gimenez will see his deal expire in June 2025.