Valdes is available on a free transfer this summer after he was released by Man United. The Spaniard had been frozen out during the final months of his spell at Old Trafford due to a falling out with Louis van Gaal.
City are reportedly planning to release Willy Caballero in the summer and they have identified Valdes as a potential back-up to No.1 Joe Hart.
New City boss Pep Guardiola has worked with Valdes before – the duo won three La Liga titles and two Champions Leagues during their time together at Barcelona.
It would certainly be a shock move if Valdes did go to City as it is rare for players with United connections to make the switch across town. Owen Hargreaves and Carlos Tevez, in recent years, have irked United fans by going to the ‘noisy neighbours’.
But Valdes hardly owes anything to the club as he was treated harshly by van Gaal. That being said, if he was unhappy with not playing at United, his situation would not improve at City – it’s highly unlikely that he would displace Hart as the team’s first-choice keeper.