Talks between officials from the Premier League champions and Swansea have taken place over a move for the in-form striker.
Swansea are thought to be holding out for £30 million for the Ivory Coast international, with City reportedly trying to negotiate a lower fee.
Speaking at a press conference on Thursday, Monk stated he was unaware of how far talks had progressed, but maintained that City must meet Swansea's valuation for their prized asset.
"Obviously there's talks between the clubs at this moment and they're ongoing," he said. "As far as I'm concerned it is what it is.
"Unless an agreement is made it's ongoing. I don't know any of the details, you leave it to the chairman and the clubs.
"They have talked about fees, whether they're close or far apart it's unclear. The valuation has to be met, if we make an agreement they have to reach the valuation."
Bony arrived at the Liberty Stadium for a club-record fee from Vitesse ahead of the 2013-14 campaign.
The former Sparta Prague man scored 17 Premier League goals in his debut campaign and has nine to his name already this term.
Monk insists he holds no ill feeling towards Bony and paid tribute to his attitude during his time at the club.
"He's been top quality, you've seen for yourself what he contributes to the games," Monk added. "But also as a personality as well.
"When he came it was a risk on behalf of the club. He was untried, he'd done well in Holland but this is a totally different level.
"He had a tough start and wasn't playing many games. [Former Swansea boss] Michael [Laudrup], for whatever reason, didn't play him too much, but since he's had that run and had games he's had that confidence.
"He's one of our best trainers, best players, it's there for everyone to see."
