Serie A - Pastore will only leave for 'crazy' money
The 21-year-old is one of the most coveted players in Serie A following an eye-catching campaign in which he has scored eight goals in 22 league appearances, with Spanish giants Real Madrid and Barcelona also tracking the player.
Pastore, who made thee substitute appearances for Argentina at last summer's World Cup, is under contract at Palermo until June 2014.
Club president Maurizio Zamparini revealed that he was contacted by a senior member of City's staff on Monday.
He said: "Yesterday the team manager from Manchester City called me.
"But I cannot speak English so I asked for a fax, but never heard back from them.
"In any case had he asked me about Pastore I would have said he is not for sale.
"If the (City owner) Sheikh (Mansour) wants to do something crazy, then let it be."