The 30-year-old England international had been on the bench in recent weeks before the New Year’s Day win over Stoke City.
City manager Roberto Mancini insists the club will not be doing any business unless the opportunity presents itself to bolster the squad.
Kolo Toure is set for African Nations Cup duty with the Ivory Coast which means any move for Lescott may have to wait until the summer.
Lescott could not be considered a waste of City money after playing his part in the club’s Premier League and FA Cup successes over the past two seasons.
However, the versatile defender is another player City have spent millions on but will not be holding on to.
Here we look at the worst value-for-money Manchester City buys in recent seasons. Who would you choose?