Ilic signed for Manchester City in 2017 having earned a reputation as one of Europe's best prospects, becoming the youngest ever player to feature for Red Star Belgrade.
Initially, Ilic remained with Red Star until 2019. Since then, the Serb has enjoyed loan spells at NAC Breda and Hellas Verona.
The midfielder has continued to progress in his career, making 31 appearances and scoring three goals in all competitions last season as he helped Hellas achieve a credible 10th-placed finish in Serie A.
Ilic's progress did not go unnoticed, earning himself two senior international appearances for Serbia's first-team this year.
Verona-based news outlet L'Arena now report that Ilic is close to returning on loan with Hellas for the 2021/22 season - they claim that "something seems to be moving" in negotiations between City and the Italian side.
Manchester City are said to be more open to the idea of the deal, and are set to receive a fee of €1 million from Verona.
However, fellow City Football Group side Troyes are also credited with an interest in signing Ilic on loan. The Ligue 1 side could use their relations to rival Hellas Verona, prompting the Italian side to "remain alert".
A move to either of France or Italy's top divisions will almost certainly be appealing to the player, however his success in the top flight of Italian football last season may just sway his attention towards that particular switch.
You can follow us for live updates here: @City_Xtra