The 29-year-old has spent the last five-and-a-half years at the Etihad Stadium, making 179 appearances in all competitions and winning 12 trophies including five Premier League titles and the Champions League.
Laporte was a member of Pep Guardiola's treble-winning squad last season, but he only featured 20 times in all tournaments and fell behind Ruben Dias, John Stones, Manuel Akanji and Nathan Ake in the pecking order.
The Spain international is now one of three left-footed central defenders at Man City along with Ake and big-money summer arrival Josko Gvardiol, and has been tipped to depart the Etihad in search of regular game time.
A host of European clubs have been credited with an interest in Laporte including Mikel Arteta's Arsenal, who have allegedly identified the defender as a potential summer target to replace the injured Jurrien Timber.
The likes of Tottenham Hotspur, Aston Villa, Crystal Palace, Juventus and Roma have also been linked with Laporte, who has two years remaining on his Man City contract.
However, according to The Athletic journalist David Ornstein, Saudi Arabian club Al-Nassr have stepped up their interest and have seen an offer for the defender accepted by the Citizens.
The valuation of Al-Nassr's offer remain unknown but it is thought that Man City value the former Athletic Bilbao man in the region of £30m.
Laporte is said to be open to the possibility of a move to the Middle East and join an Al-Nassr side who are captained by five-time Ballon d'Or winner Cristiano Ronaldo.
Al-Nassr are one of four Saudi Arabian clubs who are controlled by the nation's Public Investment Fund (PIF) and have splashed the cash on several notable signings so far this summer.
Senegalese star Sadio Mane has joined from Bayern Munich and midfield duo Marcelo Brozovic and Seko Fofana have arrived from Inter Milan and Lens respectively, while left-back Alex Telles has signed from Manchester United.
Al-Nassr, managed by Luis Castro, remain in the market for new big-name signings and Laporte is one they are keen to get over the line.
Laporte came on as a second-half substitute in Man City's 3-0 Premier League win over Burnley last Friday and has since travelled to Athens as part of a 22-man squad for the UEFA Super Cup clash with Sevilla on Wednesday.
Man City could use some of the funds generated from the potential sale of Laporte to recruit top targets Lucas Paqueta and Jeremy Doku from West Ham United and Rennes respectively.