The 23-year-old is believed to be the subject of advanced talks between City and Porto ahead of a summer move to the Etihad Stadium.
The France international and his teammate Fernando were both close to signing for City in January, but the move eventually collapsed.
Despite widespread expectation for Mangala to join Manuel Pellegrini's Premier League-winning side, the defender has revealed that he would prefer to live in London.
"It is true that I love the Premier League because it is a spectacular championship," Mangala told Bein Sports. "In January, there were discussions with City, but it fell through because the two clubs could not reach an agreement. [Choosing between] City or Chelsea? Chelsea because it is London."
Mangala has been included in France's 23-man squad for the World Cup in Brazil next month.