The 28-year-old Serbian international spent three years with Lazio before joining City for £19m in 2010.
Despite getting more time on the pitch for City this season under new manager Manuel Pellegrini, the full-back is keen to play in Serie A again in the future.
"I would love to return to the Italian league one day," Goal.com quotes him as saying. "We will see when the time is right.
"I didn't get to play matches when I expected to during Roberto Mancini's time. I've been playing more since Manuel Pellegrini's arrival, but let's see what happens."
Kolarov has scored one goal in 17 games for City in all competitions this season.