Edin Dzeko, Maicon and Joleon Lescott could be set for the chop, as Roberto Mancini must bring in funds to finance his summer recruitment drive.
The Manchester City boss is reportedly preparing moves for Napoli striker Edinson Cavani and Everton midfielder Marouane Fellaini.
But first City must slash their wage bill, and the report claims the club has asked a number of third-parties to sound out interested buyers.
The defending Premier League champions sit 12 points behind title rivals Manchester United this season, and Mancini is thought to be willing to offload a number of expensive stars to rebuild his squad for the next campaign.
New director of football Txiki Begiristain and chief executive Ferran Soriano will look to cut costs this summer, and Dzeko, Lescott, Maicon and Scott Sinclair will be shown the door.
Gareth Barry, Aleksandar Kolarov, Samir Nasri and Javi Garcia are also vulnerable, and could be sold if the right buyers can be found and the right price can be agreed.
The futures of Roque Santa Cruz, Wayne Bridge and Kolo Toure are already known - all three will leave the club when their contracts expires at the end of the season. That will save £15m straight away, according to the report.
The savings should help City meet their UEFA financial fair play requirements, but will also facilitate their summer spending plans.
The report suggests Begiristain has two targets in mind - Cavani and Fellaini.
Cavani's £52m release clause would stretch City's ability to meet the fair play requirements, while Fellaini could cost around £23m. But City may throw Swedish international forward John Guidetti into the deal as a makeweight.
Everton are thought to be aware of City's interest, but will not consider selling their star midfielder until the end of the season.