A Times report claims the Bayern Munich playmaker - so impressive for the German club this season - and Barcelona forward Henry will both be the subject of huge transfer bids come the end of the season.
City's attempts to sign Kaka saw them roundly ridiculed, particularly after chief executive Garry Cook accused the seven-times European champions of 'bottling it'. But it appears Eastlands chiefs will not divert from their aim of making huge 'marquee' signings this summer.
Both men will be difficult to attract, however. Ribery is at the peak of his career and will be coveted by Europe's leading clubs, while Henry is shining for Barcelona, Spain's champions elect.
But the Times says City are prepared to offload Brazilian forward Robinho - English football's most expensive signing - and make a bold offer for Ribery.
Blackburn's Roque Santa Cruz, another long-term target, is expected to activate a release clause in his contract this summer which will allow him to join City for £17 million.
Henry and Ribery are both currently training with the France squad, and will go head to head next month when Barca face Bayern in the quarter-finals of the Champions League.
"When there is no space, Franck can do things and with his qualities he can do damage to Barcelona, to [Real] Madrid, to Manchester United or any team," said Henry
"Bayern have a lot of players who can make the difference and score goals, such as [Miroslav] Klose, Luca Toni, or [Bastian] Schweinsteiger."