"When I was in Argentina [recently], I spoke to Tevez's agent. [Tevez] wants to return to South America and Corinthians have made an offer," Sanchez told a news conference.
The offer to City is 40 million euros to be paid in four tranches from the club's TV broadcasting income, which is worth about 100 million Brazilian real ($64 million) per annum, said a club source who wished to remain anonymous.
"If the deal goes through, the contract with Tevez would be for a minimum of four years," Sanchez said, adding it would have to be completed quickly because the transfer window for players coming into Brazil from abroad closes on July 20.
"Now it depends on Manchester City. A deal is close but if by Sunday we have no official announcement, it's unlikely he'll come this year."
Tevez, who helped Corinthians win the Brazilian championship in 2005, and is now with Argentina at the Copa America in his home country, issued a statement last week saying for personal reasons he no longer wished to stay at Premier League City.
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