Paris Saint-Germain's Kylian Mbappe and Bayern Munich's Thiago Alcantara head Manchester City's summer transfer wanted list, Sky Sports News understands.
City are looking to bring in three key additions to their first-team squad - with reports suggesting Pep Guardiola will have a summer war chest of around £200m to build a squad capable of retaining the Premier League title.
Crystal Palace's Wilfried Zaha remains on City's radar, but is not thought to be one of their primary targets.
Guardiola is keen to get his business done early due to the World Cup starting on June 14 and a shortened summer transfer window.
He managed Thiago at Bayern and Barcelona, and sees him as key to rejuvenating City's ageing midfield, with David Silva, Fernandinho and Yaya Toure all in their 30s.
City are closely monitoring Mbappe's situation in Paris after UEFA confirmed they were investigating PSG's spending over the last 12 months.
Mbappe's loan becomes a permanent move this summer - but the Financial Fair Play investigation could lead to the Qatar-backed club immediately selling the teenage superstar.
It is understood Manchester City have avoided a transfer ban after winning their case at the Court of Arbitration for Sport against Argentine club Velez Sarsfield.
Velez claimed that the new Premier League champions broke FIFA rules when they signed teenager Benjamin Garre in 2016.