The Spain Under-21 international is a target for the Premier League club, according to reports in Italy.
The 20-year-old has said that he is happy to be linked with the move to Roberto Mancini's side, but insists that he is settled and not looking to leave Sampdoria.
"I am being flattered by reports in the Italian press but nothing is done yet," the 20-year-old told Sky Sports News.
"I have a contract until 2016 and I do not think they want to sell me.
"I am settled here and I like the life but to be honest it is good to be linked with clubs going places like City where there are big stars and a very good coach who is a legend here at my present club."
Obiang joined the Italian side in 2008, leaving Atletico Madrid's youth set-up.