According to Sky Sports, the Premier League club are planning to put together a transfer package worth that amount this summer.
Manchester City have been chasing Elliot Anderson for months, with Nottingham Forest reportedly willing to sell the 23-year-old for a fee in the region of €115m.
The midfielder is seen as the long-term replacement for Bernardo Silva, who left City for Real Madrid as a free agent.
City want a second creative midfielder alongside Anderson, with the club having turned its attention to Sandro Tonali at Newcastle United.
The Italy international, like Anderson, has his contract at St James' Park set to run until 2029, and is also expected to cost City in excess of €100m.
Both deals are understood to be live rather than confirmed, with Newcastle holding out for their valuation and Tottenham also reported to be interested in Tonali as part of their own rebuilding project under Roberto De Zerbi.
Manchester United had also been mentioned as a possible factor in the chase for Anderson earlier in the window, though that interest is no longer thought to be a serious obstacle to City completing a deal.
Maresca is set to take charge at the Etihad Stadium this summer and has been working closely with the club's recruitment staff on the planned overhaul, even before his appointment as Pep Guardiola's successor has been formally announced.
The midfield rebuild comes against the backdrop of uncertainty over Rodri's own future, with the Ballon d'Or winner out of contract next summer and yet to commit to fresh terms while on World Cup duty with Spain.
City finished the season without the Premier League title for the first time since Pep Guardiola's early years in charge, losing out to Arsenal, and the scale of the planned spending reflects the club's determination to respond immediately.