Atletico Madrid are still locked in negotiations with Manchester City over a possible deal for Julian Alvarez.
According to the Daily Mail, the LaLiga side has now offered Joao Felix to City as part of a deal for Alvarez.
The proposal involves Atletico offering Felix on loan with an option to buy plus cash.
City manager, Pep Guardiola, has already said he is waiting for Alvarez to make a decision over his future.
The Argentina striker wants more playing time and to live in a warmer climate.
Paris Saint-Germain are also believed to be interested in the 24-year-old, who just played for his country at the 2024 Olympics.