The 30-year-old's current contract is set to expire at the end of the season.
Lescott fell down the pecking order under former boss Roberto Mancini last season and has recently been linked with a move to Liverpool.
Lescott said: "I have expressed a number of times that nothing more would please me than to sign an extension.
"If that negotiating ever happens, I will be there with my pen ready to sign."
Lescott continued: "It is no different than any other time.
"Most of my City career has been determined by pressure being put on - by myself, and by speculation of the club buying a centre-half.
"This year is no different. There may be more pressure with it being my last year but I am using that as a challenge, and an exciting challenge.
"I want to stay and be a part of the future but I understand there is a business side to it and if it is not to be, I will walk away from the club with my head held high and no regrets."