Barca tried to sign the Portuguese playmaker last summer but could not meet the asking price of £60 million.
There were also rumours of a move Tottenham as part of a potential deal for Harry Kane.
Evidently, neither of those scenarios ever came to fruition - and, based on Bernardo's contribution to their latest title-winning campaign, City will be thankful he remained at the Etihad Stadium.
And now it seems as though they are trying to make extra sure he stays put this time around.
According to the Mirror, City will increase their valuation of the 27-year-old in order to render him unaffordable for Barca.
Once again, the Catalan giants are struggling in the transfer market due to their massive debt - which has seen them placed under tight spending restrictions by La Liga.
The club's vice president for finance, Eduard Romeu, has claimed that it will take an eye-watering £427 million to "save" them from their current financial state.
Realistically, Barca are not in any position to be paying big transfer fees; they can't even register free signings Franck Kessie and Andreas Christensen as it stands.
Bernardo scored 13 goals and provided seven assists in all competitions for City last season, as Pep Guardiola's side retained their Premier League crown and reached the semi-finals of the Champions League.
In the 2-1 Champions League group stage victory over PSG, the former Benfica and Monaco man - who joined City from the latter five years ago - completed a remarkable 47 passes out of 47 and set up Gabriel Jesus' winner.
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