City are open to including players in addition to the cash offer, but Tottenham are expected to reject the bid.
Kane is valued at upwards of £120m and Tottenham keen to keep him despite the 27-year-old believing he has a gentleman’s agreement with Daniel Levy.
The England captain is said to be fully focused on the Euros, with a decision on his club future not expected before the conclusion of the tournament.
Man City chairman Khaldoon Al Mubarak said after last month’s Champions League final that the club will be “competitive and aggressive” this summer, and are aiming to strengthen by bringing “quality to the squad in a couple of key positions”.
The Premier League champions’ priority is to replace Sergio Aguero, with Kane being considered along with Erling Haaland, Romelu Lukaku and Lautaro Martinez.
Man City begin their Premier League title defence by travelling to Tottenham on August 15,