Arsenal have been in the market for a left-sided defender and were trying to sign Manchester United bound Lisandro Martinez from Ajax.
City, meanwhile, want to bring in a left-back and remain interested in Brighton’s Marc Cucurella, as Sky Sports News revealed back in June.
The 23-year-old enjoyed a hugely successful first season in the Premier League after joining from Getafe in a deal worth around £15m last summer
It is thought City would be open to doing business on Zinchenko if their valuation is met. The 25-year-old can cover a variety of positions, including left-back and central midfield