Manchester City are keen on offering midfielder Ilkay Gündogan a new contract valid until June 2024, with an option to extend for a further season, potentially up to June 2025, according to reports from respected football journalist Fabrizio Romano.

The proposal to the player is expected in the coming days as the Premier League Champions look to fend off interest from other clubs.

While Gündogan's future at the Etihad Stadium hangs in the balance, talks between his representatives and Manchester City will continue in the next few days.

Understand Manchester City will offer Ilkay Gündogan a new deal valid until June 2024 with an option for further season, potentially June 2025. 🚨🔵 #MCFC

Talks will continue in the next days — Barça proposal remains valid on the table.

NO decision made by Gündogan yet. pic.twitter.com/LqMBNQZUGB

— Fabrizio Romano (@FabrizioRomano) May 20, 2023

The 32-year-old German international is yet to make a decision regarding his future, having not rejected or accepted any bid as of now.

FC Barcelona has reportedly made a valid proposal to Ilkay Gündogan as well, adding a twist to the story.

The Catalan giants are understood to be closely monitoring the situation and are ready to swoop in should talks between Gündogan and Manchester City falter.

Talks will continue in the next few days between Ilkay Gündogan’s camp and Manchester City — new proposal will be valid until June 2024 plus one year as option. 🔵 #MCFC

Gündogan has not rejected or accepted any bid as of now. Barcelona proposal remains valid. Race open. https://t.co/N4sWwOZsBp

— Fabrizio Romano (@FabrizioRomano) May 22, 2023

However, the race for Gündogan's signature doesn't stop there. 

Arsenal has also thrown its hat into the ring, with manager Mikel Arteta expressing interest in signing the Manchester City star, according to journalist David Ornstein.

🚨 Arsenal trying to sign Man City captain Ilkay Gundogan. Arteta wants 32yo if Xhaka goes. Fresh attempts will be made to keep him at #MCFC + other options. #AFC additionally pushing hard for Rice & Mount + renewed efforts to secure Nwaneri @TheAthleticFC https://t.co/HHJY2QRmsF

— David Ornstein (@David_Ornstein) May 22, 2023

The Gunners, who are seemingly ready to let go of midfielder Granit Xhaka, view Gündogan as a suitable replacement.

In addition to their pursuit of Gündogan, Arsenal are also reportedly pushing hard for West Ham's Declan Rice and Chelsea's Mason Mount, as well as renewing efforts to secure Nwaneri, signalling their ambition for the upcoming season.

Gündogan has been a key figure for Pep Guardiola's side since joining the club in 2016.

Gündogan's reputation is as polished as the trophies he has helped Manchester City amass over the past few years.

Anchoring the midfield as a left-sided #8, his influence has transcended the borders of the Premier League, putting him among the pantheon of all-time greats in the sport.

In the complex choreography of Pep Guardiola's system, Gündogan has demonstrated unparalleled dexterity and versatility.

His role demands an exceptional capacity to adapt, embodying a comprehensive skill set that ranges from ensuring smooth build-up play through his exceptional passing ability to cutting through opposition lines in advanced positions.

Gundogan excels in these tasks, making him an invaluable asset to any ambitious side.

Securing Gündogan's signature will be a significant coup for Arsenal.

The German maestro will undoubtedly inject world-class quality into Mikel Arteta's team, and his experience could prove vital in mentoring the next generation of Gunners stars.

Whoever inherits the genius of Gündogan—be it Arteta at Arsenal or perhaps Xavi at Barcelona—one thing is certain: they'll be acquiring a player whose brilliance shines brighter than most in the modern game.

The Premier League champions would certainly be keen on retaining their influential midfielder amid interest from Barcelona and Arsenal.

And your @premierleague champions... Manchester City! 🥇 pic.twitter.com/yGepxj7JTE

— Manchester City (@ManCity) May 21, 2023