City are actively looking to make moves in the January transfer market as they search for a replacement for Rodri, who is out with a knee injury.
Ricci is being considered, along with Inter Milan star Nicolo Barella.
City management know Ricci is the more realistic option, with the youngster just breaking into the Italy squad.
Ricci, 23, is also on the radar of Italy's biggest clubs and has a deal with Toro to 2026.