Nicolas Otamendi
Nicolas Otamendi is a reported target for both Manchester United and Manchester City.Getty

Manchester City are considering a shock move to sign Valencia defender Nicolas Otamendi, according to Spanish publication Cadena SER.

The defender's Portuguese agent has already held talks with the La Liga club's owner Peter Lim in Shanghai and Singapore. Otamendi's representative also had a meeting with the Spanish club's manager Nuno Espirito Santo.

Valencia are open to let Otamendi leave as the sale of their player will help them meet the Financial Fair Play (FFP) regulations.

The 27-year-old had an impressive 2014/15 season with the La Liga outfit and is currently with the Argentina squad for the 2015 Copa America in Chile. The central defender has already hinted that he will leave his current employers in the summer transfer window.

Otamendi is also a transfer target for City's derby rivals Manchester United. According to AS, Louis van Gaal wants to bring the South American to Old Trafford to bolster the Red Devils' back four.

There are several clubs interested in landing the Valencia star this summer. However, it is Manuel Pellegrini's side who have managed to beat the 20-time English champions and other potential suitors for his signature.

City signed Eliaquim Mangala from FC Porto last summer and the Portuguese international has struggled in his debut season in the Premier League. The former Premier League champions want to strengthen the heart of their defence.

The Chilean manager has identified Otamendi as a player to bolster their back four as they look to challenge for the title next season. The player is subjected to interest from both Manchester clubs.

The Argentine international wants his future to be decided before 26 July as that is when the player needs to report at Valencia for training. Should Otamendi join City in the summer transfer window, it will be a blow to their neighbours.

Apart from Mangala, City already have the services of Vincent Kompany and Martin Demichelis in the central defending position. The potential arrival of Otamendi could force his compatriot to consider his future at the Etihad.