City manager Roberto Mancini reportedly made an approach for the Danish international last week, but the 19-year-old has rebuffed the Italian's approach.
"Christian finds it a great honour that one of the biggest clubs in the world came to him and sees a big player in him," Martin Schoots, the player's representative told De Telegraaf.
"But his feeling says this is not the right time yet to make a transfer to Manchester. It's the feeling first and the money second."
Eriksen was selected as the Dutch Talent of the Year in May.