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And Cucurella, who joined Brighton in a £15m move from Getafe last August, has been identified as City’s best potential option.
But sources have told ESPN that City have no intention of meeting Brighton’s £50m valuation of the 23-year-old, who has played just one season in the Premier League.
The Premier League champions believe Cucurella’s value to be closer to the £30m mark, and sources have said that they will not pursue a move for the former Barcelona youngster unless Brighton are prepared to accept a lower fee.
City will be almost £60m in profit from their summer transfer dealings when Zinchenko seals his move to Arsenal, despite adding Erling Haaland, Kalvin Phillips and Julian Alvarez to the squad since the end of last season.
But sources have said that the club will not pay beyond their valuation of Cucurella simply to get the deal done, having previously walked away from deals for players such as Harry Maguire, Fred and Alexis Sanchez when the cost of the transfer was deemed too high.
With Chelsea unable to agree a fee to take Netherlands defender Ake back to Stamford Bridge earlier this month, sources have said that City will rely on Cancelo, Laporte and Ake at left-back should they be unable to sign Cucurella.