The Citizens parted ways with the versatile forward in 2023, selling him to Chelsea for 40 million pounds as Pep Guardiola found it challenging to integrate him into their star-studded lineup.

Since then, Palmer has exploded onto the scene at Stamford Bridge, notching 37 goals and providing 19 assists across 70 Premier League appearances, while earning 12 caps for England. His form has turned heads globally, making him a cornerstone for the Blues.

With Kevin De Bruyne's departure creating a void in midfield creativity, Manchester City view Palmer's return as a strategic masterstroke. Earlier reports indicated Chelsea rebuffed a 149 million pounds approach from their rivals, holding firm for a fee that would eclipse Neymar's 222 million euros move to Paris Saint-Germain in 2017.

Interest from French heavyweights Paris Saint-Germain has also surfaced, but the Blues have reportedly set their valuation at a jaw-dropping 250 million pounds to even entertain discussions.

Spanish outlet Fichajes has now claimed that Manchester City have stepped up with an offer matching that figure, structured as 200 million pounds upfront plus 50 million pounds in add-ons, as they seek to "make a splash in the transfer market."

The report noted that after initial talks stalled, the Citizens' interest "never faded," with Guardiola eager to secure the deal. For Chelsea, who have navigated financial pressures in recent years, this could provide a golden opportunity to balance the books and reinvest in squad depth, though losing Palmer would undoubtedly sting on the pitch.

Recent buzz on X has amplified the speculation, with accounts like Fichajes.net posting: "BOMBAZO: Manchester City está dispuesto a ofrecer 250 millones por Cole Palmer," linking to their detailed article.

Other users have echoed varying bid amounts, from 150 million pounds rejected outright to figures around 170-230 million euros, underscoring the rumor's traction among fans and pundits.

However, no official statements have come from Manchester City, Chelsea, or Palmer himself on X or elsewhere, leaving the saga in the realm of high-stakes rumour for now.

Amid the transfer whirlwind, Palmer has focused on his role at Chelsea, who lifted the FIFA Club World Cup earlier this summer. Reflecting on team chemistry, he has said: "I think being with each other every day brings us together. For example, I've played with Liam Delap for a number of years now, which started at City, and I feel like I know where he's going to be on the pitch. I like to find him.

"Hopefully, I can assist him a lot this season. Romeo Lavia and Liam are my age, and I've played with them for a while. Obviously, Tosin is from Manchester too, and we have a good friendship. We've played at England together at different levels with Noni, Liam and Levi Colwill so I feel like it's a good group and we get on well."

On donning Chelsea's iconic number 10 shirt this season, up from 20 last term, Palmer added: "I wore No.10 growing up and I like the number. Lionel Messi is, obviously, the big one who has worn the number and then players like Wayne Rooney, it's just a really iconic number."

As the window ticks down, all eyes are on whether Manchester City can pull off this audacious reunion or if Chelsea will hold firm to their prized asset.

Report: Man City table record-shattering bid to reclaim Cole Palmer from Chelsea