Per the source, the Black Eagles want the Ivory Coast international on a one-year loan and would be prepared to cover part of his wages.
City have instructed Bony to find himself a new club according to the Daily Mail and his representatives have been working on an exit route for the striker.
The Gunners are running out of time to sign a striker before the end of the transfer window and could be tempted into signing Bony.
The Istanbul giants want a replacement for Mario Gomez going into the Champions League group stages.
The Germany international was top scorer for the Eagles last season and played an important role in winning the league title.