The world's richest club, Manchester City, have offered Bulgarian attacking midfield Martin Petrov a new two-year contract, The Guardian said on February 3 2010.

Petrov's contract with City expires at the end of the season, when the Bulgarian would become a free agent. Manchester City manager Roberto Mancini is reportedly interested in retaining the services of the 31-year-old Bulgarian.

The Guardian said that the club "are encouraged by the way the negotiations have gone with the Bulgaria international", but no official confirmation from the player or his agent was made available

In the summer of 2009, under the reign of Manchester City's former manager Mark Hughes, Petrov contemplated leaving the Eastlands. At the time, he said that with the new high-profile arrivals, he felt surplus to requirements.

"I don't see City depending too much on me this year, at least from what I have seen from the pre-season friendlies so far. No footballer is content with polishing the bench and I am no exception," he said in August 2009.

Hughes persuaded Petrov to stay, blocking an 11th hour transfer to Tottenham on the final day of the transfer window. Petrov has appeared in 16 matches and scored five goals this season, along with several vital assists, a serious contribution given the fact that the Bulgarian is in and out of the starting lineup.

In spite of Petrov's aggravated knee injury and the subsequent lay-off, under Mancini the Bulgarian was selected as a starter in two consecutive league games and scored in the 2-0 win over Stoke City on December 26.