Barcelona announced earlier this summer that Messi had signed a new contract at the Nou Camp, extending his stay until 2021.
However Spanish outlet AS report that the deal remains in doubt despite Barcelona's announcement and there are still a number of loose ends to tie up.
As it stands, Messi's Barcelona deal is due to run out this summer meaning that clubs are free to negotiate with him as early as January.
And according to the Madrid-based newspaper, City are ready to pounce amid the uncertainty with a £358m offer for Messi in the next transfer window.
Sources close to City have reportedly held 'serious conversations with the player's inner circle' over a potential move, which would see Messi reunite with his former manager Pep Guardiola.
Barcelona president Josep Maria Bartomeu told reporters earlier this summer that Messi's extension was confirmed, saying: 'Everything is signed. There is no need to worry'.
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