The Brazil international has been linked with both Juventus and Inter Milan in recent games.
Elano said: “They are two really big clubs, absolutely big clubs.
“(New Juve signing) Diego is like a brother, but I have a good relationship also with (Inter duo) Maicon and Julio Cesar.
“Inter and Juve are already in UEFA Champions League, Man City are still working to join that competition.”
He added to Gazzetta dello Sport: “I’ve spoken with the Man City director before leaving with the national team.
“He knows I’ve a deal until 2011, but should a good offer arrive the club could sell me.
“The agreement is to have an update at the end of the month.”