The Frenchman and the Brazilian were believed to be on the verge of moving to the Etihad Stadium yesterday, with rumours of a private jet being on standby to fly them to England circulating.
However, City elected not to pursue the double act due to Porto’s valuation.
The Portuguese champions wanted £34m for Mangala and a staggering £12m for the soon to be out of contract Fernando.
Even with their vast riches, the Sky Blues were unable to justify such a spend.
However, Manuel Pellegrini’s side may return for Mangala at the end of the season.
The rugged centre-back is one of European football’s most highly-rated defenders, and is on the radars of top clubs across the continent.
City are likely to make a fresh move in six months’ time, but they will be hopeful that Porto’s price tag may have dipped.
Fernando could also remain on their radar, with the midfielder set to be a free agent once the season ends.