Toure's current deal at the Etihad Stadium expires at the end of the season, and there have been no signs of a new contract being agreed so far despite the 33-year-old having worked his way back into Pep Guardiola's first-team plans since November.
The former Ivory Coast international has been free to talk to prospective new clubs since January, but agent Dimitri Seluk revealed that they have only just begun negotiations with clubs in Italy and Spain.
"From yesterday we officially started negotiating with different clubs about his future. We waited until March 15 for what Manchester City will say but until now Manchester City don't say anything. Before March, we didn't negotiate with anybody because Yaya does a lot with Manchester City, so we waited," Seluk told Sky Sports News.
"But we cannot wait until the last minute, until June, and have no negotiations with anybody. Some clubs have contacted me. Now we have three options. I don't speak about Yaya and China or the MLS. He will play in Europe. I have spoken with clubs in different countries - Italy and Spain.
"I said to Manchester City that we will start negotiations with other clubs about the future of Yaya. After that, if Manchester City want, they can start negotiations. If they don't want then we will find another club. Yaya can, tomorrow, sign a contract with another club and after that for Manchester City it is too late."
Toure joined Man City from Barcelona in 2010 and has since gone on to score 81 goals in 289 appearances for the club.