The Paraguayan has returned to Etihad after his season-long loan with Malaga came to an end, but he is set to become a free agent when his deal expires at the end of the month.
He is almost certain to return to German Bundesliga, with Schalke, Bayer Leverkusen and Hamburg SV all keen on the 31-year-old.
While Bayer Leverkusen have seen Andre Schurrle leave for Chelsea, HSV are set to stay without Heung-Min Son, while Schalke need a back-up for star striker Klaas Jan Huntelaar.
As a result, all three sides are showing interest in Santa Cruz and are set to table offers for the highly rated forward.
Roque Santa Cruz has spent no less than eight seasons in German Bundesliga, making 155 appearances for Bayern and scoring 31 goals in the process.