The France international has fallen down the pecking order at the Turin club this season, after a raft of knee injuries ruled him out for much of the early part of the season.
With Claudio Ranieri's first choice strike partnership of Alessandro Del Piero and Amauri in a rich vein of form, Trezeguet knows he faces a battle to re-establish himself in the first team.
The situation has alerted City manager Mark Hughes and it is believed Trezeguet features on his list of quick-fix targets for the January transfer window.
At 31, the former Monaco striker is reaching the twilight of his career but, fully fit and on form, there are few more natural finishers in the world, especially available for a cut-price fee of around £10 million.
However, a source close to the player has revealed that Trezeguet plans to stay in Serie A until the end of the season at the earliest.
The source said: "David is nearing full fitness and wants to stay with Juventus to help them in the league and the Champions League.
"Manchester City are interested in him and have been watching him but now is not the time to move. But David knows they are a big club and they are going to be very important in the future.
"One day, he will play in England, that is for certain. But for now all he wants to do is get fit and start playing again."
Trezeguet is a longstanding target for Arsenal manager Arsene Wenger, who has tracked his stunning progress since he emerged in the same Monaco youth team as Thierry Henry.
Only four players in Juventus' history have scored more goals than the Frenchman and his goalscoring feats have seen him linked with moves to Barcelona, Real Madrid and Liverpool in recent seasons.
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WTF???????? First of all i seriosly doubt that Trez considers Man City to be a great club that will be important in the future.
And as for the second bolded part..............WTF does he mean by saying that Trez will surely play in EPL????????????????????