The Premier League champions began negotiations with Swansea, who value the player at €38 million, on Tuesday and are confident of beating off competition from both Liverpool and Tottenham for the striker's services.
Under the terms of their Financial Fair Play restrictions City have agreed with Uefa not to increase their wage bill this season and are therefore only able to offer Bony the same salary as the outgoing Matija Nastasic, who has been in advanced talks with Schalke.
Both Swansea and Bony, who has been included in Cote d'Ivoire's Africa Cup of Nations squad, will earn significant bonuses based on City's future success.
Manuel Pellegrini has turned his attentions to the 26-year-old in light of the injury problems that have plagued his frontline forwards this season.
Sergio Aguero's electric start to the campaign has been curtailed by a knee injury suffered against Everton last month, while Edin Dzeko and Stevan Jovetic have started just 14 Premier League games between them this term.
Pellegrini was even forced to play James Milner as an auxiliary striker during the recent 3-1 win over West Brom.
Bony, who joined Swansea from Vitesse for a club-record €15.3m in 2013, has scored 35 goals in 70 appearances in all competitions for the Welsh side and will be available for the remainder of City's Champions League campaign.
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