According to The Times, City are prepared to offer around €40 million in an attempt to move ahead of the competition, despite Palmeiras valuing the winger at over €100 million. The São Paulo club have already rejected a €25 million approach from an unnamed club, making clear they will not negotiate at a discount.
Conceicao has not yet made his professional debut, but his performances at youth level have generated the kind of buzz that follows only the most exceptional teenage talents. He scored four goals and registered three assists in seven appearances in the Copinha, the prestigious regional under-20 competition, and has been among the standout players as Brazil progress in the South American under-17 championship in Paraguay, where he has two goals and two assists in three matches.
The left winger is described as having extreme pace, close control and the ability to take on defenders repeatedly. His profile has drawn comparisons to Vinícius Júnior, and scouts from multiple clubs have been in Paraguay to watch him in person.
City's relationship with Palmeiras gives them an advantage in negotiations. The two clubs have worked together on major deals before, including the signings of Gabriel Jesus in 2016 and Vítor Reis last year. That history of trust could prove decisive if the Brazilian club decide to sell.
Barcelona have also re-entered the picture after initially stepping back, while Arsenal and Liverpool are also understood to be monitoring his development. Any deal is complicated by the fact that Conceicao cannot officially move to Europe until he turns 18, meaning a transfer agreed now would involve waiting two years before he could join his new club.
Palmeiras have no financial pressure to sell and have indicated they will not move unless the offer is well above the normal level for a player of his age.