According to the information portal "Transfermarket", Fred's new agreement with "Shakhtar" is calculated up to 30 June 2023.
Pep Guardiola's priority for this month apparently remains the recruitment of a centre-half, but the City boss is well aware that he needs some back for Fernandinho in central midfield.
City manager Pep Guardiola reportedly views Fred as "a long-term successor for Fernandinho".
In comments to Brazilian newspaper "O Globo" Fred announced about prolongation of the contract with Shakhtar. He impressed in two games against the Premier League leaders in the competition earlier in the term.
The M.E.N claim that the Cityzens have told Shakhtar that they are willing to pay £45million for the player. Jose Mourinho knows he needs a replacement for Michael Carrick, but if Fred is his man, he'll need to move quick and pay up to beat City.
And the Daily Record are reporting that Brazilian international Fred is a potential target. Crucially, if the 32-year-old did have a spell on the sidelines, there isn't another member of the squad capable of replicating his multifaceted influence.
Paris Saint-Germain are also said to be admirers of Seri, although they are only willing to pay around €25 million (£22 million) to get the player in.
City are not looking to sign the defensive midfielder in January, but are looking to secure a deal in time for him to move in the summer transfer window. The amount of transfer is estimated at 30 million pounds.
Guardiola is keen to bring someone in to ease the workload on Fernandinho, who he described this week as having "played a million minutes".
Though, that won't be the end of that as the club have since replied claiming that the fee still does not reach their valuation of the player.
Arsene Wenger is said to have identified Malcom as the man he wants to replace Sanchez, with the Gunners boss saying on Friday that the Chilean would only be allowed to leave if a replacement is signed.