Valdes is set to leave the Nou Camp after 13 years between the sticks at the Catalan club due to a contract row that has continued from the summer.
Monaco have prepared a huge contract offer for the Spaniard who has a number of clubs chasing him, however a move to the south of France depends on Champions League football being on offer.
The newly promoted big spenders are already five points adrift of Paris St Germain in Ligue , occupying third place in the French top flight.
If Monaco should fail to make the top three then City could once again make a move for Valdes with Manuel Pellegrini’s faith in Joe Hart slipping by the week.
Hart is not a guaranteed starter for club or country now and so the added competition of Valdes could be a killer blow to his City career.