The 29-year-old still has two and a half years left to run on his current deal with the Citizens, but the attacker recently revealed that the two parties are in talks over an extension.
According to Romano, discussions between De Bruyne and City are "progressing" and an announcement regarding a new deal in Manchester could arrive "soon".
"Talks progressing between Kevin de Bruyne and Manchester City board to extend his contract. 'Here we go' territory expected soon," the journalist wrote on his official Twitter account.
The Belgium international has been with Pep Guardiola's side since 2015, scoring 58 times and contributing 98 assists in 234 appearances for the former English champions.
De Bruyne has managed one goal and nine assists in 12 outings in all competitions this term.