According to Goal.com, Spurs and Arsenal have been long-term admirers of the Bosnian international. And the north London duo could rekindle their interest in the forward if he is indeed being shown the exit door at City.
The 27-year-old was a target for Tottenham in the January transfer window, but City chiefs convinced him to stay until the summer.
He has a year left on his City contract, and the report claims he could be available on a bargain deal as a result.
The 27-year-old has not been first-choice at City this season, with Alvaro Negredo and Sergio Aguero preferred when fit.
He's started 13 Premier League matches this season, scoring seven goals and both Arsenal and Tottenham are on the lookout for another top-flight striker.
The Gunners were linked with a move for a big-name forward in the winter window but nothing materialised while Spurs have been reliant on a revitalised Emmanuel Adebayor this season.
Their £26m summer signing, Roberto Soldado, has failed to live up to expectations at White Hart Lane so far this season.
The report claims £15m could be enough to convince City to sell this summer, a fee both Arsenal and Tottenham could afford. His wages though could be a different story, with the forward currently earning £110,000-a-week at the Etihad Stadium.
Inter Milan, Borussia Dortmund and Napoli are also tracking Dzeko.