The Belgium duo have impressed City's board at Southampton and Wolfsburg respectively.
And, according to the Telegraph, City will make their moves in the summer.
Alderweireld is on loan at Southampton from Atletico Madrid and the south coast club have an option for a permanent transfer.
But reports suggest Atletico can pay a fee to remove the option, which they may do if City are willing to spend more than the £6.8m Saints have agreed for the summer.
GETTY
Man City are plotting their summer business
De Bruyne, who left Chelsea in a permanent deal last summer following loan spells in the Bundesliga, has become one of the top midfielders in Europe this term.
City are desperate to re-energise their squad by bringing down the average age and adding more quality in the middle of the pitch.
City are concerned Yaya Toure could leave in the summer and Manuel Pellegrini's team have struggled in his absence with Fernando and Fernandinho offering little going forward.
Manchester United have also monitored De Bruyne this season, as have Chelsea despite selling him, but at the moment it appears that City are in the driving seat for his signature.
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