Foden scored the winning goals in both legs of City's Champions League quarter-final wins over Borussia Dortmund, to set up a semi-final showdown with Paris St Germain.
England midfielder Foden, 20, has now scored 13 goals this season and filled the void left by the departure of David Silva last summer, as well as keeping Raheem Sterling out of the City side.
City are understood to be keen to reward Foden's impressive form with a contract extension to replace the last deal he signed in December 2018, which was worth £30,000-a-week.
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