A 2014 World Cup finalist with Argentina, Demichelis was fined 22,000 pounds ($29,000) and warned by the Football Association in May for breaking betting rules.
The centre back, who joined from Atletico Madrid in 2013, made 105 appearances for City and was part of the Premier League-winning squad in 2013-14.
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(Reporting by Nivedita Shankar in Bengaluru, editing by Ed Osmond)
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