The 18-year-old has emerged as one of the brightest prospects in the lower leagues, and made 37 appearances for the Dons this season, scoring seven goals in the process.
Having emerged as a star in Karl Robinson's side, the energetic midfielder has earned comparisons with Liverpool captain Steven Gerrard.
According to Sky Sports, both Chelsea and Manchester are monitoring his progress, and are gearing up to lock horns for his signature this summer.
Both clubs are known for their desire to stockpile young talent, with Chelsea in particular seemingly adamant on snapping up the best young players available.
The Stamford Bridge based club currently have 28 first team, reserve and youth players out on loan.
Manchester City meanwhile have also shown an interest in young English talent in recent years despite the fact they have the financial muscle to buy the best in the world.
An impending Financial Fair Play fine for Manchester City, who claimed their second Premier League title in three seasons at the weekend, may prompt them to look at cheaper transfer targets closer to home.