Ilic joined the Manchester City academy from Red Star Belgrade in 2017 and has spent time on loan at FK Zemun and NAC Breda since then.
The midfielder linked up with Hellas Verona last summer on loan from Manchester City and made an impact during his time in Italy.
He made 29 Serie A appearances for Hellas Verona last season and did enough for the club to try and keep him at the club for one more season.
It has been claimed that Manchester City and Hellas Verona are scheduled to meet next week to discuss the Serbian midfielder’s immediate future.
Hellas Verona want to keep Ilic at the club for one more season and will look to convince Manchester City to work out an agreement.
The midfielder does not appear to be on Pep Guardiola’s radar and Manchester City could well choose to loan him out again this summer.
Given the number of appearances he made last season, Hellas Verona will hope that they will be given preference from Manchester City.
Ilic may also be keen to extend his stay in Italian football with Hellas Verona.