Nasri had been expected to tie up a deal to Eastlands earlier this week but City have yet to match Arsenal's asking price of £25m.
Arsenal have opted to propose a player plus cash swap-deal involving Tevez. Arsenal would have to pay a fee as City rate Tevez at £50m, although the North London club hope to reduce that by £10m.
"Tevez would be just the signing to give everyone a lift," an Arsenal insider told the paper.
"There is a lot of work to be done yet but if there is a will on all sides it can happen.
"Nasri wants to get to City, Tevez wants to get out and [Arsene] Wenger needs a new star to get everyone off his back.
"It seems like win-win all round."