The Italy goalkeeper only recently moved to City, but uncertainty surrounding the Premier League champions has already prompted clubs elsewhere in Europe to monitor the situation.
The trigger is the independent commission's finding that Manchester City breached Premier League financial regulations during the period from 2009 to 2018. The club has announced that it will appeal, while the eventual sanctions have yet to be determined.
For now, there is no indication that Donnarumma is looking to leave.
The Italian remains part of the Manchester City project and the outcome of the proceedings will have to be known before any serious decisions can be made. But the possibility of significant restrictions on the club has inevitably encouraged other teams to assess what could become available.
Juventus and Inter Milan are among the clubs who have previously monitored Donnarumma and could return to the situation if the goalkeeper eventually became available.
For Juventus, any move would represent a major operation.
Donnarumma is 27 and remains one of the most prominent goalkeepers in European football. Bringing him to Turin would therefore not simply represent another piece of squad planning, but potentially a long-term investment in the position.
The circumstances, however, would have to change considerably before Juventus could consider making an approach.
The club currently has Guglielmo Vicario, who has convinced the hierarchy, coaching staff and supporters since arriving and is himself being considered as part of Juventus' longer-term plans.
That means Donnarumma would only become a realistic target if the circumstances surrounding the Manchester City goalkeeper created an exceptional opportunity.
Inter could also monitor developments because of their previous interest, while Bayern Munich and Real Madrid have been mentioned among the European clubs to keep an eye on the situation.
Much will depend on what happens with Manchester City's appeal.
The commission's ruling has created uncertainty around the club, but it has not automatically triggered a wave of departures. Players remain committed to the project and there is currently no basis for assuming that Donnarumma or other City players will leave.
The transfer market, however, is already watching.