The 21-year-old Borussia Dortmund defender made 50 appearances for the Bundesliga club last season, scoring seven times, and has been tipped to move to the Premier League since.
Roberto Mancini's Blues are looking to strengthen at the back with Kolo Toure currently away at the African Cup of Nations and Joleon Lescott sidelined through injury.
Both the Gunners and the Red Devils were also linked with a swoop for the centre-back last summer, with Arsene Wenger eventually bringing in Ajax stopper Thomas Vermaelen.
While Sir Alex Ferguson was thought to be considering signing him after seeing Rio Ferdinand, Nemanja Vidic, Jonny Evans, John O'Shea, Wes Brown, Gary Neville and both Rafael and Fabio da Silva sustain injuries.
However, the player’s representitive Stephen Kelly has revealed that the chances of Subotic sealing a big money move to the Premier League this January are slim.
"I have not heard anything from anybody at Manchester City. It is just speculation," Kelly told Sky Sports.
"I would be really surprised if Neven was to leave Dortmund in January.
"It would take something special for Dortmund to sell him as he is on a long-term contract there."
