Ounahi, 26, joined Girona from Olympique de Marseille last summer and has contributed five goals and three assists in 18 La Liga appearances.
He is contracted until 2030 but Girona's CFG ownership structure means City face no structural opposition to a deal — the two clubs share data, scouting networks and player pathways as part of the same ownership group.
El Chiringuito TV first reported City's interest. La Liga rivals Atlético Madrid have also been linked, but City's structural advantage is regarded by sources close to the player as significant.
Ounahi has been a regular starter in Morocco's squad, earning 47 caps and scoring nine international goals. He was one of Morocco's standout players at the 2022 World Cup, helping the country reach the semi-finals for the first time in their history.
Manchester City currently lead the Premier League on goal difference from Arsenal with five games remaining. Whether a move for Ounahi can be concluded before or after the World Cup remains unclear.