Sergio Aguero
Sergio Aguero has been Manchester City's top scorer in all competitions three seasons in a row.Getty Images

Manchester City are hoping to prevent Premier League and European rivals from pursuing their star players by rewarding the title winning quartet of Sergio Aguero, Edin Dzeko, Joe Hart and James Milner with lucrative long-term contracts, according to the Daily Mail.

The report states that the Citizens are ready to embark on negotiations with the two England internationals and the Bosnian striker as they have already linked up with the squad for the pre-season tour of the USA.

The Argentinean striker has been told to return in seven days before the Community Shield fixture against Arsenal on 10 August. Spanish Barcelona and Real Madrid were believed to be keen on luring the 26-year-old back to La Liga in the ongoing transfer window.

The reigning English champions are unwilling to risk losing their prized asset, who has three years remaining in his current contract. The former Atletico Madrid star will be offered a lucrative five-year contract worth £200,000-a-week, which will see him pocket £52m excluding bonuses.

Despite the arrival of Alvaro Negredo last summer, Dzeko was one of the crucial performers for Manuel Pellegrini's side last season netting 16 goals, five of which came in the last three fixtures en route to league glory. The 28-year-old was also instrumental in their title winning campaign in 2011/12, when the former Wolfsburg player netted 14 goals.

James Milner and Edin Dzeko will be free agents next summer if they decline contract extension.Getty Images

Hart too is poised to be given an extension, reassuring him of his place in the starting lineup, following the arrival of Willy Caballero from Malaga.

Milner also has been one of the hard-working players on the Chilean's roster but 19 out of his 34 league appearances have come off the bench.

Rumours surfacing last week suggested that Arsenal and Liverpool are hoping to sign the former Leeds star. The versatile midfielder was thought to be unhappy at being deployed as a winger.

Last month, Samir Nasri and Aleksandar Kolarov penned five and three year deals respectively and City hope Dzeko and Milner will also commit their futures as their contract is due to expire next summer.

Pellegrini's side are due to face AC Milan, Liverpool and Olympiakos for the Guinness International Champions Cup but the quartet along with Yaya Toure and David Silva are likely to feature only against the Greek outfit.