The Spaniard is rumoured to have become La Liga champions Atletico Madrid’s top summer target following Diego Costa’s move to Chelsea, and is keen to make a quick return to his homeland.
‘The Beast’ made an excellent start to his time at the Etihad Stadium, but his performances dipped significantly after the Christmas period.
Negredo still tallied 15 goals in league and European action, but City are ready to sell him for £25m.
Atleti have the cash with Costa’s switch to London having brought in £32m, and are known to be desperate to add a top class striker to their ranks with David Villa having also left to sign for New York City FC.
The 28-year-old is understood to have been frustrated at missing out on a spot in Spain’s World Cup squad, which is thought to have been down to his poor form in 2014 at the Etihad Stadium.
Negredo previously starred in la Liga for Sevilla and Almeria and spent some time at Real Madrid.