Spaniard could earn over £200,000 a week
However according to ESPN, Torres will turn down the offer in favour of a move to Premier League champions Chelsea.
One of the men at the centre of secret talks about a possible move has disclosed that while City are ready to outbid Chelsea, Torres wants to be playing Champions League football next season.
The source also told ESPN that "City were ready to offer Fernando Torres a huge contract, and by that I mean the biggest for any footballer anywhere in the world.
"But Torres said 'no', he was not interested."
No formal contract offer can be agreed though as City have not agreed a fee with Liverpool for the Spaniard, but any deal could see Torres earn more than £200,000 a week plus image rights and bonuses.
The source continued by saying that negotiations were underway behind the scenes at Chelsea who have also made Torres aware of their interest.
While managerless Liverpool are looking to hold out for £70 million for Torres, Chelsea believe that a more realistic price of £50 million should be enough to take the striker to Stamford Bridge.
Become a fan of Goal.com UK's Facebook fan page for all the latest news and insight into everything related to the beautiful game!