The 30-year-old started only nine Premier League matches for City in 2016-17 and has made clear his intention to quit English football and return to his homeland.
Nolito hit out at the Manchester weather, claiming his daughter's face has changed colour since he switched to the club in July 2016, and he could soon be given a route back to LaLiga.
"Nolito is an important player and he would of course be a significant signing should he choose to return," Minambres told Marca.
"I understand that he wants to have more first-team football and it would be good for him if he returned to play in our team."
Celta are also trying to conclude a deal for Fulham midfielder Jozabed, who scored two LaLiga goals for the club in a loan spell last season.
"We continue to make progress in our negotiations with Fulham but we know our limit with what we can offer and the decision will be his," Minambres added.
"We are on the market for midfielders and attackers but our defence is well stocked as things stand."