The 28-year-old has 18 months remaining on his deal at the Etihad.
But the Germany international is in no hurry to sign a new deal after proving his worth under Pep Guardiola and hopes to secure his last "big contract."
“It’s become the norm that a player who has another year on his contract period has a decision between separation or extension,” Gundogan told Bild.
“I’m a little old-fashioned. It’s possible that I will go to the last year of my contract and then extend.
“Maybe the next one will be my last big contract, so such a decision must be well considered.
“We have already had one or two talks. I do not feel there is pressure on the subject.
“In sporting terms, I’m very satisfied with City – there are less attractive jobs in Europe!
“In this regard, there is nothing to prevent an extension. But nothing is decided yet.”
City have their midweek free but face Newport County in the FA Cup on Saturday, before resuming their quest for the Champions League with the first leg of their last 16 tie with Schalke next week.
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