Manchester City have put a price tag of at least £137 million on Leroy Sane amid continuing interest from Bayern Munich.

Reports in Germany have claimed Bayern are preparing a bid of around €80m (£73m) for Sane but that is almost half City’s valuation of the Germany winger.

Senior sources at the Etihad Stadium say the clubhave yet to receive a formal bid from Bayern for Sane or been given any indication by the 23-year-old that he wants to leave.

City are still hopeful Sane will sign an extension to his contract, which expires in June 2021, and they are likely to give short shrift to any bid that falls well below their minimum €150m.

City’s stance is understandable given the £107m fee Atletico Madrid paid for Joao Felix this summer, despite the 19-year-old having made just 43 senior appearances for Benfica.

City wrote to Bayern to register their dismay at what they perceive to be a concerted media campaign to unsettle Sane after taking exception to remarks from the German club’s coach, Niko Kovac, that he was “confident” a deal was close.

Kovac was rebuked by Karl-Heinz Rummenigge, the Bayern chairman, and sporting director Hasan Salihamidzic and has since contacted City manager Pep Guardiola to apologise about his comments.