The 20-year-old has made 31 appearances for Pep Guardiola's side since making his first-team breakthrough two years ago. He has featured 17 times this campaign, mostly from the bench, including nine EPL outings and four Champions League appearances. He has yet to find the net this term, with his three first-team goals all coming last season.
According to The Sun, Rangers have had an offer to sign the England Under-21 international on loan rejected by the EPL champions with Brighton and Sheffield United also knocked back.
Rangers boss Michael Beale is still keen to add another attacker to his ranks before Tuesday night’s transfer deadline after failing in a bid to land Morgan Whittaker from Swansea.
Midfielder Todd Cantwell has already arrived from Norwich City while Nicolas Raskin is set to further bolster options in the middle of the park by completing a deadline day move from Standard Liege.