The 24-year-old has been in impressive form for his Basque club at the start of the 2021-22 campaign, scoring four times and contributing one assist in seven outings in all competitions.
Man City continue to be strongly linked with the Spain international, who is believed to have a £67m release clause in his current deal.
However, according to Fichajes, the Citizens will have to hold off competition from both PSG and Dortmund if they wish to bring him to the Etihad Stadium during next summer's transfer window.
Oyarzabal, who is capable of operating in a number of different forward positions, has scored 68 goals and registered 46 assists in 246 appearances for Real Sociedad in all competitions.
The attacker is also a regular for Spain, making 19 appearances for his country, contributing five goals and one assist in the process. body check tags ::