Alaba is one of the Bayern’s top stars, but it is understood he is looking for a new challenge.
The Bundesliga giants have been tracking Sane for a number of years, and are still keen to snap him up.
It is understood Bayern are worried more top sides will come in for the 24-year-old when the transfer window opens.
Pep Guardiola is interested in bringing Alaba to City, with the pair having a strong relationship since their time together in Germany.
And the German club are believed to be happy to offer around £50m in cash and the defender as part of a deal.
An Etihad source said: “Leroy is not for sale but there has been interest from a number of clubs for him.
“It is well known that Pep and Alaba have a good relationship after he turned him into a star all those years back.
“We are sticking to our valuation over Leroy though. It would have to be a huge offer to even contemplate a move.”
City value Sane at around £130m, and would only let him go for a world record fee if Bayern came back in.
The ex-Schalke man has missed the entire campaign since suffering a knee injury during the Community Shield over Liverpool last August.
SunSport understands Guardiola wants to bring in a left-back and centre-half to improve his defence this summer.
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