The Premier League champions are keen to tie down the pair to longer contracts after both enjoyed a stellar 2020/21 campaign for the Sky Blues.
While Foden emerged as one of the first names on the teamsheet, Stones won back his spot in the starting XI, as he forged a formidable partnership alongside Rúben Dias, who is in line to obtain a huge pay rise, at the heart of defence.
Though the Champions League finalists are pursuing big-money moves for Harry Kane and Jack Grealish this summer, the Etihad hierarchy are keen to secure the future(s) of some of the core members of the squad, with goalkeeper Ederson set to offered a fresh three-year contract extension.
According to Sam Lee of The Athletic, City are holding contract extension talks with Stones and Foden, who amassed 85 outings across all competitions between them last term.
A year on from when he was being linked with a move away from the Etihad Stadium, Stones, who is entering the final year of his current contract, has proved his worth to the City faithful as he returned to his resounding best that made the club spend £47.5 million on his services in 2016.
Making his presence felt on both sides of the pitch, Stones has well and truly overcome his shortcomings of previous campaigns, with Guardiola often singing his praises while highlighting the progress he's made over the past year.
Foden, who registered 16 goals and 10 assists over the course of the campaign, enjoyed a sensational campaign on the left side of attack, netting a string of crucial goals for City in crunch Champions League ties.
The form and consistency shown by the City academy graduate, who has three years left on his current deal at his boyhood club, kept Raheem Sterling on the bench for a large chunk of the second half of the campaign.
The Stockport-born attacker's displays saw him bag the PFA Young Player of the Year award after a breakthrough campaign, and Foden has a bright future ahead of him at City, with the club ruling out a sale for their young star.
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