Speaking earlier this week, Pep Guardiola suggested that City may go through the remainder of the summer transfer window without signing another player.
Savinho has arrived from Troyes, with Sergio Gomez, who has joined Real Sociedad, the only member of last season's squad to depart the Etihad Stadium.
However, with midfielder Kalvin Phillips almost certain to depart elsewhere in due course, Guardiola could benefit from adding a fresh face in the engine room.
Guimaraes, whose £100m release clause from earlier in the summer has since expired, has been heavily linked with a wide array of Premier League clubs without Newcastle being presented with an acceptable proposal.
Speculation has quietened down since the option in the contract was removed, yet it appears that City still hold a lingering interest.
Two academy graduates to be sacrificed?
According to the Daily Star, City are prepared to part ways with at least one of Rico Lewis and Oscar Bobb to help get a deal over the line.
Both of the youngsters are currently in line to play a role in Guardiola's senior squad for the upcoming campaign as they bid to bounce back from only lifting the Premier League title and Club World Cup in 2023-24.
Nevertheless, the report suggests that Newcastle could be presented with the chance to sign the full-back or winger on loan for the season if it boosts City's chances of tempting the Magpies into a sale.
City are said to rate Guimaraes in the £80m bracket, but that is £20m short of Newcastle's current valuation of £100m. The player has a contract at St James' Park until 2028.
Could either player benefit from a loan move?
In the case of Lewis, he may feel that he has been provided with enough first-team opportunities at City for a player who is 19 years of age.
The England international has already made 33 starts and 17 substitute outings in all competitions, establishing himself as an important member of the squad.
Bobb, who is two years older than Lewis, is behind in terms of senior development, having been limited to seven starts and 19 substitute appearances.
Although highly rated by City, that may not significantly improve given Savio's arrival, and a transfer elsewhere is a realistic option.