The Swedish striker missed all of last season due to injury, but recently returned to action.
Guidetti impressed while on loan at Feyenoord in 2012, scoring 20 goals in 21 starts at De Kuip.
Feyenoord technical director Martin van Geel has confirmed that he is set to hold talks with his City counterpart Brian Marwood and Guidetti about a move.
Van Geel told Dutch paper Algemeen Dagblad: "The arrangement with Marwood was already planned for a long time and in the first instance it won't be about Guidetti at all.
"But if I will be there of course I will also speak with him about Guidetti.
"I have read he could leave for 5million euros, but if you ask it to me I question this is right.
"We still have contact with John and he has a special place here and that feeling is from both sides."