The 31-year-old spent last season on loan at Real Betis, scoring seven goals in 33 Liga appearances.
Joining City in 2009, the Paraguay international has struggled to make an impact on the first team despite his £18 million pricetag – managing just four goals in 24 appearances.
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Prior to his arrival at the Eithad Stadium, the striker had enjoyed successful spells with Olimpia and Blackburn, but most notably made his name at Bayern Munich - winning the Champions League once and the Bundesliga five times, among other honours.
Cruz has also enjoyed success on the international front, netting 25 times in 91 appearances, as one of his country's highest goalscorers.