The Star reports that the 27-year-old is very much on the periphery of Pep Guardiola's squad at the Etihad, so it is unlikely that he will have a problem with the idea of him moving on this summer.
However, it is unclear how he will feel about the prospect of letting the former Swansea man move to join their Premier League rivals.
The Star does suggest that Gunners boss Arsene Wenger is yet to be convinced that the Ivorian is the right man to provide the kind of attacking depth they need, but certain members of the club's hierarchy reportedly view Bony as the best option on the market currently.
Arsenal manager Arsene Wenger
Although Bony has shown in the past that he can be quite prolific in the Premier League, he is surely not the kind of forward that Arsenal fans have wanted their club to sign for several years now.
While he enjoyed a good spell at the Liberty Stadium - scoring 26 goals in 54 league games - his time with City has reaped just six strikes.
And the fact that he has spent most of that time as a substitute means that he would surely arrive at the Emirates lacking the match sharpness he would need to make the kind of impact that would justify a £30m move.