Kolarov has failed to tie down a regular place in Roberto Mancini's starting lineup this season because of competition from Gael Clichy.
The 26-year-old has made just nine Premier League starts for City this season and could be sold in the summer.
"Kolarov is a player that interests us, it's true," Branca told FC Inter News.
Branca also revealed that the Nerazzurri are not interested in resigning Mario Balotelli, who looks set to leave Manchester after a troublesome season.
Branca said: "Balotelli? He is good but not in our plans."
Inter have had a tough season in Serie A and currently sit seventh, 20 points adrift of the pace set by leaders Juventus - the only remaining unbeaten league side in Europe's top leagues.