The Italian giants have had a request to take injury-plauged Jovetic on loan this month rejected by City.
They now plan to return in the summer with a cash offer for the Montenegro forward.
But City chief Manuel Pellegrini would be more interested in a deal which included France midfielder Pogba, 20, who walked out on Manchester United when his contract expired 18 months ago.
City wanted Pogba when he quit United and are still eyeing a player who is now rated in the £30million bracket.
His arrival at The Etihad would be another painful blow for United.
Jovetic, 24, cost City £22m when he arrived from Fiorentina in the summer. The fee could eventually rise to £28m.
But Jovetic has had calf, hamstring and groin injuries this season – in addition to illness – and has been restricted to just five appearances.
Juventus tried to sign him last summer but lost out to City, who play at Newcastle today.
Manchester City want PSG target Paul Pogba in exchange for Stevan Jovetic
Daily Star | Jan 12