The Spain international has been heavily linked with a move with Bayern Munich in recent weeks, but, as Goal.com exclusively revealed earlier this week, City failed to convince Daniele De Rossi to leave Roma for the Etihad Stadium and could have considered Martinez as an alternative.
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However, it seems City have been put off bidding for the 23-year-old because Mancini believes the Spanish club value Martinez too highly.
When asked by reporters on Friday morning if a deal could be done, the coach said it would be “difficult.” He added: “The cost is too high for me.”
The Italian coach hinted that a potential deal could still be done by replying “maybe, maybe,” when asked if the former Chelsea youngster would be joining the club this summer.
The Premier League champions have had a quiet transfer window by their usually hectic standards, but the former Inter boss revealed work is going on behind the scenes to bring new faces in with just seven days until deadline day.
"I'm sure we can do what we want in the one week of the [transfer window]," Mancini added. "We are working, working."