The Argentina international arrived at the club from Espanyol in 2008 and has become a popular figure among their fans, featuring in the Premier League Team of the Season for the last campaign.
However, Zabaleta, who helped City win their first Premier League title in 2011-12, has revealed he would be interested in playing in Italy at some point in his career.
"Serie A is a major championship in which I'd like to play one day," he told Sportitalia.
"Juventus, Inter and AC Milan are important clubs but I think Fiorentina are a very interesting team.
"I don't know why but I have always liked Fiorentina since [Gabriel] Batistuta played there."