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Despite retaining a place in Pep Guardiola's plans, Bojan's goal output dried up and he has since failed to reach double figures in a league campaign.
A move to Roma came in 2011, though he failed to impress and the club from the Italian capital did not take up an option to retain him.
Loans to Milan and Ajax have followed in the last two seasons, with Bojan again struggling for game time and goals.
He now looks set to attempt to revitalise his career in Staffordshire, with Mark Hughes keen to compliment the likes of Mame Biram Diouf, Peter Crouch and Jon Walters with the Spain international's signature.
"Mark has met with the player and we're quietly confident of getting it all completed soon," Coates is quoted as saying by the Daily Telegraph.
"Attacking players have been very much the focus for Mark since the end of last season and obviously Bojan would be another very good addition."
Stoke finished ninth last season, their highest placing in the Premier League.