Manchester City have earned over £20m from the sales of Lukas Nmecha and Jack Harrison this summer and intend to raise more funds as they plot moves for Jack Grealish and Harry Kane.
Ilic could be the next in line to leave the Etihad Stadium on a permanent basis, with the midfielder attracting significant transfer interest from Italy.
Torino have been credited with an interest in the 20-year-old, but it is Hellas Verona who are leading the race to acquire his services from Manchester City.
The Serbia international impressed during his time on loan at Hellas Verona last season and the Serie A outfit are keen to bring him back to the club this summer.
According to Sky Italia, negotiations between Hellas Verona and Manchester City are progressing fast and Ilic is edging closer to sealing a permanent move.
The 20-year-old midfielder is valued at around €7m to €8m and the Italian top flight club are working to get the deal across the line.
The finer details of the transfer are yet to be ironed out, but Ilic is tipped to join Hellas Verona soon.