The Montenegro star, 23, has a £27million buy-out clause that is proving an attractive option among Premier League clubs in the race to sign him.
SunSport understand Liverpool are also keen along with Chelsea and Arsenal.
But it is City who are moving into pole position having sold Carlos Tevez to Juventus. plus they can cope with his basic wage demands of £120,000 a week.
Jovetic has made it clear he wants to leave Florence.
A source close to the player said: “Of the top players in Europe, Stevan is the best value striker on the market right now.”