As for Cancelo, he arrived at City from Juventus for £60m last summer, with Danilo going in the other direction for a fee of £34m.
The 25-year-old has struggled to establish himself as the club’s starting right-back under boss Pep Guardiola.
He has only made 18 appearances for City this season, with eight of those coming in the Premier League.
However, City would not only face losing money if they swapped Cancelo for Semedo, because of the player’s current value, but they would also be getting an older player, albeit by one year.
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