City sold the 22-year-old to the then-Eredivisie champions last summer, but club sources indicate they are now ready to bring him back to the Etihad Stadium and use him as cover for the left-back position.
Those sources insist that the option has not yet been triggered, but that the opportunity to bring in left-back cover for a relatively cheap price is something that appeals to the Premier League champions, and that it is an option that they are ready to explore.
Reports in Spain indicate that the clause would cost City €12 million (£10.7m/$13.5m), although club sources stress they would only have to pay €6m (£5.35m/$6.74m).
The report published by La Voz de Galicia also says Paris Saint-Germain had offered PSV €25m (£22.3m/$28m) for Angelino, though the Dutch club were unable to accept under the terms of City’s buy-back agreement.
But while interest from the French champions would provide City with the chance to make a quick profit by selling Angelino immediately after he returns, sources have told Goal that the current plan is for him to be part of Pep Guardiola’s squad for next season.
City will go into the forthcoming campaign with Oleksandr Zinchenko as first-choice left-back, with Benjamin Mendy hoping to play as often as possible, amid ongoing fitness concerns.
Mendy’s future at City is up in the air; if he can contribute regularly next season and curb the behaviour that has regularly exasperated his coaches, he will become an important member of the first-team. If his fitness problems continue, however, City would be willing to look for a new left-back in January.
City had been planning to sign Ben Chilwell from Leicester this summer, but called off the move at the end of April. It is possible that they would return for him in six months’ time, should he not move elsewhere in the meantime - Atletico Madrid and Real Madrid are interested - and if City do not receive a transfer ban from FIFA following an investigation into the signing of overseas youth team players.
City had decided to use the money set aside for a left-back on other areas, and have identified Juventus right-back João Cancelo, Leicester centre-back Harry Maguire and Atletico midfielder Rodri as attainable targets in areas of greater need of strengthening than left-back.
He made his senior debut under former City boss Manuel Pellegrini with a nine-minute cameo in an FA Cup game against Aston Villa in January 2016, and played 30 minutes of a Champions League qualifier and 58 minutes of a Carabao Cup clash under Guardiola in 2016-17, before being loaned to Girona.
A return to the City first-team squad would represent a surprise turn of events for the Spaniard, akin to Zinchenko’s own rise to prominence in Manchester.
The Ukrainian signed as an attacking midfielder in 2016 and had been set to go on loan to Napoli at the start of the 2017-18 season, only for the move to fall through.
He subsequently became a left-back midway through what would be City’s ‘Centurions’ season, but only after the the collapse of Dani Alves’ proposed free transfer helped ensure the club only signed one left-back - Mendy - rather than the two they had planned for.
Mendy’s injury opened the door for Fabian Delph to try his hand in defence, and only after he and Brazil international Danilo got injured did Zinchenko start to feature, albeit usually in home matches against bottom-half teams.
The Ukrainian only began to play regularly during the 2018-19 season, and only once Mendy suffered further injuries.
The 22-year-old has impressed so much that he is due to sign a new contract with the club, reflecting his status as first-choice left-back.
Should Mendy’s injury woes continue, it would be pave the way for Angelino to make several appearances next season if Zinchenko needs to be rested, or if he picks up an injury himself.
Fabian Delph is expected to leave the club this season, while Nicolas Otamendi's future is unclear. The Argentina international had decided to leave, but could be tempted to stay if City cannot sign Maguire, or another central defender. Atletico Madrid, Paris Saint-Germain and Valencia are among the 31-year-old's options.