Busquets signed a contract extension with Barcelona last year that could keep him at the Nou Camp until 2015.
However Manchester City are willing to test that by opening talks with Barcelona over a potential switch, having initially shown their interest back in 2010.
According to Sport, Citizens chief Brian Marwood held negotiations with Barcelona which were ultimately doomed to fail during the 2010/11 campaign.
Now though City are back in the mix for Busquets, and Sport say that they have made an approach over a potential deal, although it appears unlikely given Busquets’ happiness in Cataluña.
Rumours of a move for Busquets could be fuelled by reports suggesting Yaya Toure could be considering leaving the Etihad Stadium.
The Manchester City midfielder was at the heart of Roberto Mancini’s side as they claimed the FA Cup in 2011 and the Premier League title last season.
However he is said to be considering a big-money switch to Paris Saint-Germain or Anzhi Makhachkala, something that would leave Mancini with a big hole to fill.
City landed both Javi Garcia and Jack Rodwell over the summer although whether the Citizens boss considers either man to be capable of replacing Toure should he leave remains to be seen.
Last month reports suggested Roberto Mancini was pondering a €41 million bid for Busquets, who has found his place at Barcelona under threat following the arrival of Alex Song from Arsenal.