Fabrizio Romano confirmed this week that Stones will leave as a free agent, calling him "one of the world's best playmakers" and describing the move as "an interesting opportunity" for interested clubs.
AC Milan and Juventus are both reported to have been offered the chance to sign him. West Ham, Brighton and former club Everton are also monitoring his availability in the Premier League.
Stones, 31, joined from Everton in 2016 and won 18 major honours during his time at the Etihad, including six Premier League titles, two FA Cups and the 2023 Champions League.
However, he has started only four Premier League matches this season due to injury, raising fitness questions that could complicate negotiations.
Manchester City made clear they would not offer a renewal after bringing in Marc Guéhi in January as part of a longer-term defensive rebuild.
Stones is expected to support the club through the title run-in before making a final decision on his next destination. An official announcement from the club is expected before the end of the month.