Foden, an 18-year-old product of City’s academy, has attracted interest from Borussia Dortmund and other leading European clubs in recent months.
The Stockport-born midfielder’s current Etihad contract expires in the summer of 2020 and City risk losing him at a knockdown price unless renewed terms are agreed before the end of the season.
Dortmund took advantage of a similar situation when signing Jadon Sancho from City last year in a cut-price £8million deal.
Brahim Diaz, another City prospect, appears likely to leave the club on a free transfer when his current contract expires this summer.
Negotiations between City and Foden’s representatives are, however, understood to be positive and the England Under-21 international appears set to stay in Manchester.
Foden is viewed as key player in City’s future and has made 10 appearances for Pep Guardiola’s side so far this season, mostly from the substitutes’ bench.
The teenager earned a Premier League winners’ medal last year and scored his first senior City goal in September’s 3-0 EFL Cup win at Oxford United.
Foden is set to join Raheem Sterling, Kevin de Bruyne, Sergio Aguero, Gabriel Jesus, Ederson and Fernandinho in signing new contracts at the Etihad within the last 12 months.
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