The Argentine is set for the Etihad Stadium exit door after an infamous fall-out with manager Roberto Mancini back in September.
Inter and AC Milan are both heading the race for the temperamental forward, with the latter emerging as the preferred choice for the 27-year-old.
Rangers look set to spend heavily this month in order to stave off the threat of relegation after falling perilously close to the bottom three.
New manager Mark Hughes brought Tevez to City back in 2009, and with both parties sharing the same agent in Kia Joorabchian, rumours linking him with a move to Loftus Road were always going to be inevitable.
However, Fernandes has cooled any talk of a possible move, telling BBC Radio 5 live: "You never know - but it's highly unlikely.
"He's one of the most highly-paid players in the Premier League and I think his mind is to go to another country."
By Ben McAleer
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