West Ham have quoted Man City a fee in excess of £85million.
The Hammers have also rejected a verbal offer of £70m from the reigning Premier League champions.
This has left Man City gawking at the east Londoner's asking price.
talkSPORT understands there is a 90 per cent chance the Brazilian midfielder doesn't leave the Hammers.
Paqueta signed for West Ham for a club record fee of £51m from Lyon last summer.
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Since then he's made 42 appearances for the club, scoring five goals and making seven assists in that time, as well as assisting Jarrod Bowen's winning goal in the Europa Conference League final.
West Ham are still expected to push ahead with attempts to sign Mohammed Kudus, too.
Meanwhile, Man City recently lost midfielder maestro Kevin De Bruyne to a long-term injury.
But following the injury blow, Pep Guardiola stated another player was coming in when asked who would replace him.
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"Another one," he said. "We miss him but we will be close to him and we have incredible doctors. Another one is coming in."