As many as six new players could be signed, despite uncertainty surrounding the future of current boss Roberto Mancini.
Director of football Txiki Begiristain will lead the recruitment process as part of the club's ambition to regain Premier League supremacy from Manchester United, and to mount a more competitive Champions League campaign after back-to-back group stage eliminations.
Edin Dzeko, Samir Nasri and Joleon Lescott are the biggest names set for the chop. Dzeko has been linked with Borussia Dortmund as a potential replacement for the in-demand Robert Lewandowski. The Polish international is a target for rivals Manchester United and Bayern Munich.
£5m-rated Lescott has a year remaining on his City contract, and can leave this summer, as can Kolo Toure, Wayne Bridge, Roque Santa Cruz and Richard Wright.
Maicon, Aleksandar Kolarov and Dedryck Boyata are all available, as are John Guiddetti and Scott Sinclair.
Paris St Germain are in pole position to snap up Nasri, who's failed to shine this season despite a recent upturn in form.
Many of the expected departures will be squad players and back-ups, but City also face a fight to keep hold of some of their top stars.
City captain Vincent Kompany is being tracked by Barcelona and Real Madrid, while the El Clasico pair are also thought to be keen to bring Sergio Aguero back to La Liga.
Gareth Barry and Carlos Tevez run into the final 12 months' of their City contracts this summer, but both are thought to be keen to stay at the Etihad Stadium.
Begiristain hopes to raise a sizeable transfer fund through the sale of first-team stars like Dzeko, Kolarov and Nasri, and Napoli forward Edinson Cavani is reportedly the main transfer priority in terms of incomings.
The report claims City will target two centre-backs, two more midfielders and one or two forwards - the principal priority being Cavani.