However, UEFA opened a formal investigation into the Premier League champions' financial conduct earlier this month amid a number of alleged violations.
Neither FIFA nor City were available for comment on Thursday night.
The Citizens were reportedly eyeing Leicester left-back Ben Chilwell alongside another top star as Fernandinho's replacement in the summer.
There are only three ways that worldwide transfers for players under 18 can go through - if the players' guardians move to the country for non-footballing reasons, if the family and the club are based close to the relevant national border or if the transfer takes place within the European Economic Area while the player is at least 16 years old.
However, if the worst came to the worst and the former Borussia Dortmund man simply wanted to run the contract down, City would be free to sign players again in that summer window.
Manchester City are set to be banned from making signings in the next two transfer windows by Federation Internationale de Football Association for breaking rules related to the protection of youth players and third-party ownership, according to reports.
According to The Sun, though, FIFA believes City have crossed the line, though, in regards to their relationship with FC Nordsjaelland and the Right To Dream football academy in Ghana that is also owned by the Danish side's president Tom Vernon.
A Federation Internationale de Football Association insider told SunSport: "We have been investigating City as part of a long-term investigation".
City signed George Davies and Dominic Oduro and played the pair in youth matches before they were 18.
That investigation was broadened later in 2018 when additional Danish reports claimed City had a secret deal with Vernon to have first refusal on the best prospects from Right to Dream.
This breaches having third-party owners hip of players as it seemingly gives City a clear hold on a player in another club.
"We expect there will be an announcement on City, very similar to the one we made on Chelsea, in the next week or two".