Dybala issued a come-and-get-me plea to City when it was clear that Palermo was going to sell him.
The Argentine said he dreamed of playing for Barcelona or Manchester City.
City scouts had already been raving about the striker back in 2012 and he was being labelled as the new Sergio Aguero, leading to director Txiki Begiristan ordering an in-depth report on the striker.
However, persuasion from the then-City manager Manuel Pellegrini led to the signing of Bony as the Chilean tactician believed he was the source of firepower that the Sky Blues needed to retain the Premier League title.
Dybala moved to Juventus in the following summer for £30 million and has become one of the most prized assets in world football.
The young forward has recently signed a five-year contract with the Italian giants with wages reportedly amounting to £100,000 per week.
Bony, on the other hand, has not enjoyed success in Manchester, as poor form in front of goal resulted in a loan spell to Stoke City.
City will be looking to sell the Ivory Coast international in the summer but will have to be prepared for a huge financial loss.