The Romanian is adamant that he will only sell the 27-year-old if his £42.3m release clause is met, but insisted that a move to the Etihad would be a step down.
"If City want to [sign Fernandinho], the clause is €50m [£42.3m]," Lucescu told PRO TV.
"If our players receive offers from teams higher than Shakhtar, we do everything possible to help them. Currently, I think Manchester City are not at our level."
Fernandinho, who has earned five caps for his country, won the UEFA Cup with Shakhtar in 2009.