The club's chairman, Khaldoon Al Mubarak, says the two defenders are important assets which must remain at the Etihad because they represent the "core foundation" of the team.
Khaldoon Al Mubarak revealed that he hopes the pair can extend their current deals at the Etihad Stadium in the near future.
The club's chairman, who handed fresh contracts to Yaya Toure, David Silva and Sergio Aguero recently, believes the duo are integral to the future success of his side and says they must be kept together because they represent the core of the team.
"There are other players coming soon - Zabaleta, Micah Richards," Al Mubarak told the club's official website. "We'll make sure these players stay part of the future at City because they are really the core of this team.
"As much as we need to continue to invest in this team we also need to invest in the core foundation of the team, which is these players."
Richards suffered an injury-hit season after picking up a knee problem in late October which ruled him out for the majority of the campaign.
Zabaleta, meanwhile, enjoyed a impressive year in his colleague's absence, earning a place in the PFA Team of the Year.