The striker is thought to have an open mind regarding whether to remain at the club he joined four years ago from Manchester United and where he is among the highest paid players, with a reported salary of around £250,000 a week.
As there is only a year remaining on Tevez's contract, City's options are to listen to offers for him, decide to prolong the 29-year-old's deal to protect his value, or refuse to extend his contract.
This last option would seem the least likely as it would open up a scenario in which a player who cost the club at least £25m could walk away for free in 12 months time.
There is no guarantee that if Tevez were to be offered new terms he would accept them as the Argentinian may decide the best move is not to sign on again in order to strengthen his position regarding any future negotiations.
Having been unsettled during the 2011‑12 season, during which he fell out with the former manager Roberto Mancini and did not feature in the team for a number of months, Tevez is now happy at City and enjoying life in Manchester. At the end of last month, he said: "I have a year left and I will respect that . I'll think about whether to sign a new one. It's not the same as last season when I wanted to leave as soon as possible . I'm going through a different time. The club is treating me really well and that's so important for me."
Tevez is the last of City's frontline players whose future is to be tied up. At the end of last week Tevez's countryman and fellow striker, Sergio Aguero, signed a contract extension that keeps him at City until 2017, to follow Gael Clichy whose new deal finishes in four years' time too. Yaya Touré and David Silva also agreed fresh terms during last season.
If Tevez was to be sold, he may be of interest to Monaco and Paris St-Germain, while Chelsea, Arsenal, Liverpool and Tottenham Hotspur could also monitor his situation.
Tevez has admitted a move to France to play in Ligue 1 for PSG, to where he nearly moved last year, or Monaco would be considered. "There was interest from PSG for me, and we talked with Leonardo [the director of football], but we could not reach an agreement," he said last week. "But it remains an interesting option as the French championship is moving very fast. If Leonardo called me, it's not a problem for me to come, really no problem to come to Paris and France.
"For me, Monaco is one of the largest French clubs, and any player would go there. I have a one-year contract left at City and I am happy, and I love playing in the Premier League – but a project like Monaco I really like. I know [Claudio] Ranieri [head coach] and he has proven he is a great coach so for me this would be great."
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image: © Alfonso Jiménez