Although the England international has made 129 appearances during his four years at the Etihad Stadium, it has recently been claimed that City are prepared to consider offers for the 26-year-old.
While Arsenal have been linked with Stones in the past, The Sun claims that the Toffees may be open to a reunion with their former player.
At a time when Carlo Ancelotti is keen to strengthen at the back, club officials will feel that they can re-sign Stones for less than the £47m which they recouped in 2016.
With Stones having two years left on his contract, Pep Guardiola may be prepared to keep him at the club for the next 12 months.
However, having fallen down the pecking order, City will likely look to cash in on the right-sided centre-back in order to fund a move for his replacement. body check tags ::