The Italy international was Roberto Mancini's top transfer target last summer, but the defending Premier League champions missed out, eventually signing Jack Rodwell and Javi Garcia instead.
And speaking ahead of Monday night's Manchester derby, Roberto Mancini admitted his club endured a torrid summer window in 2012, and failed to land at least four of their top targets.
Reports in Italy now suggest De Rossi is set to become the subject of a transfer tug-of-war between two of Europe's biggest clubs.
Paris St Germain and Real Madrid are both interested in the defensive midfielder, although his Roma contract does not expire until the summer of 2017.
De Rossi has spent his entire career at Roma, and the 29-year-old has stated in the past his desire to stay in Italy.
But Real Madrid and PSG can both offer the Italian midfielder Champions League football, and Roma may find a big-money offer at the end of the season difficult to turn down.
Like Manchester City, Roma have a massive derby of their own on Monday night when they take on Lazio.
Currently sitting seventh in Serie 'A', De Rossi and his side will be looking for a win to take them level on points with their great Rome rivals.