Seluk told Sky Sports News that Ivorian Toure, who joined City in 2010 as part of owner Sheikh Mansour's vast outlay on world-class players, is attracting serious interest from three clubs.
The 31-year-old Toure, a dominant force in City's two Premier League title-winning sides in 2012 and 2014, has not made the same impact the club have come to expect from the powerhouse midfielder this season.
Last month Seluk branded boss Manuel Pellegrini a "weak manager" after a poor run of form dropped City out of the running for the Premier League title and ensured they will end the current campaign without a piece of silverware.
Toure caused controversy last May after he claimed he was shown disrespect by City after they failed to wish him a happy 31st birthday and present him with a cake.
(Reporting by Michael Hann; editing by Justin Palmer)
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