Atletico forked out a staggering £113m when they secured Felix's signature from Benfica last summer, but the 20-year-old has failed to hit the ground running in the Spanish capital.
Felix amassed just six goals and one assist from 27 appearances during the 2019-20 La Liga campaign, and the forward could supposedly be looking at an early departure from the Wanda Metropolitano.
According to The Athletic, Man City have touched base with Atletico as they look to reignite their interest in Felix, who ultimately made the switch to Spain from Benfica after City failed to trigger the attacker's release clause.
The report claims that Pep Guardiola could have a transfer budget of £300m to work with this summer, in spite of the financial problems arising from the coronavirus pandemic.
A swoop for Felix would undoubtedly cost City a hefty chunk of their war chest, though, with the former Benfica man under contract at Atletico until 2026.