Swansea boss Garry Monk said on Thursday that talks were ongoing between the clubs over the transfer of the 26-year-old, with a figure of £30million reported.
Bony made a club record £12million switch to Swansea from Dutch club Vitesse Arnhem in the summer of 2013 and has since scored 34 goals in 70 appearances for the Welsh club
City manager Pellegrini said: "I don't talk about rumours
We are going to replace Alvaro Negredo because it was the decision that we've taken that we're going to sell him
"We said we'd see in December if we need another striker
We need another striker so we are going to find which is the best player to play here."
Negredo's loan move to Valencia, which is due to become permanent in the summer, left City with only three experienced strikers for the first part of the season.
And their lack of options in that area were exposed last month when Sergio Aguero, Stevan Jovetic and Edin Dzeko all picked up injuries, meaning midfielder James Milner had to play as a makeshift striker.
Source : PA
Source: PA