City have been long-term admirers of the Swedish striker, and were thought to be interested in signing him when he left AC Milan.
The 31-year-old instead joined PSG, but his agent has warned the club that his player may not stick around this summer, with a string of Premier League teams potentially ready to pounce.
"Right now we are studying all scenarios," said Mino Raiola, Ibrahimovic's representative.
"Of course Zlatan could be in Paris next season, but a transfer is possible if the situation changes at PSG. We can rest when we are assured that Ancelotti will not go and they are going to strengthen the squad for the coming years."
But City would not be the only Premier League club interested in snapping up one of the world's best strikers if he did decide to leave, according to the report.
Manchester United and Chelsea would likely explore the possibility of signing Ibrahimovic, offering him the potential opportunity to win a league title in yet another country.
The Swedish forward has won league campaigns in Holland, Spain, Italy and looks a good bet to win Ligue 1 in France this term.
The 31-year-old helped PSG to the Champions League quarter-finals this season in his first campaign with the French club.