City had been linked with the Holland international even before he announced on Wednesday he would not be extending his contract - which has a year to run - with the Gunners.
"Robin is a top player. I've played with him, I know him and he's a great man," Toure is reported as saying by the Manchester Evening News.
"At City we have great players and the club does what it wants in transfers.
"But for me, if Robin comes it's great because I know what he can do.
"You have to build your squad every year to do better; to win the Champions League is very difficult as we have seen."