The former Viola star had a difficult opening campaign for the Manchester club after failing to live up to his €26 million move due to injuries and the form of Edin Dzeko, Alvaro Negredo and Sergio Aguero.
Sky Sport Italia reports that the Nerazzurri are interested in landing Jovetic on a loan deal with an option to buy the Montenegrin forward at the end of the season.
It is believed that City would be interested in a deal as it would allow them to recoup a large portion of the transfer fee spent on the former Partizan Belgrade star.
Jovetic collected six goals in 18 appearances in all competitions for the eventual Premier League champions last season.
Follow Adriano Boin on Twitter: @Boin44