City have already agreed to sign Palmeiras' star player, Brazil international Gabriel Jesus who will link up with The squad at the end of this year.
Mina only joined Palmeiras in May and is under contract until 2019.
He missed the Olympics with a shoulder injury but the 6ft 5in centre back has returned with a flourish, scoring four goals in the process.
Mina made his debut at first-team level with Deportivo Pasto in 2013, going on to make 14 appearances for the Colombian side.
Mina only moved to Palmeiras from Santa Fe in May 2016, signing a three-year deal
The Guachene-born defender then moved to Santa Fe before his switch to Palmeiras in May of this year.
Mina has been capped four times by the senior Colombia national team - he made his debut against Paraguay on June 8.
City take on Barcelona in a glamour Champions League tie on Tuesday night. The Etihad club lost the reverse fixture 4-0 at the Nou Camp.
He has been capped four times by the senior Colombia side since his debut in June 2016
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