The Bianconeri missed out on the Montenegro international last summer as he opted to join the Citizens instead, but the player has struggled to prove his worth in England.
Inter Milan have already attempted to lure him back to Italian Serie A, while Juventus will try and do the same as well.
New boss Max Allegri likes the fact that Jovetic can cover several positions in attack, meaning he would be useful in both 4-3-1-2 and 4-3-2-1 formations the coach plans to use in Turin.
As a result, the Bianconeri will offer to sign the forward on a season-long loan with an option to buy, but it remains to be seen if Manchester City will be keen on such an arrangement.
Having battled with numerous injuries, Jovetic only featured in 13 Premier League games last season, and went on to score 3 goals.