Manchester City have made a final, improved offer of a new contract to James Milner in a last bid to prevent him from leaving on a free transfer, sources have told ESPN FC.
Milner, 29, is wanted by Arsenal, Liverpool and several foreign clubs as he enters the final few weeks of his current deal at the Etihad Stadium.
But City have raised their previous offer by putting a four-year deal worth up to £165,000-a week on the table.
If the England midfielder signs and stays at the club, it would be worth £34 million and would make him one of the former Premier League champions' top earners.
City have made strenuous efforts to show Milner he is valued after the former Leeds, Newcastle and Aston Villa player refused to discuss a new deal 12 months ago because he was frustrated by a lack of regular first-team football.
Despite suffering from a knee problem, Milner, who was only granted 12 league starts last season, has begun 27 games in all competitions, including many of the biggest matches of the season.
He started both encounters with Barcelona, Chelsea, Arsenal and Manchester United as well as one apiece against Bayern Munich and Roma.
Manager Manuel Pellegrini, who has consistently stressed that he regards Milner as an important player and wants him to stay, has granted him 44 appearances in total this season, picking him in 31 of City's 37 league games.
But as Milner has run down his contract, City risk losing a player who cost them £26 million from Aston Villa in 2010 without receiving a fee.
Milner has assumed a particular importance for City because of their shortage of English players, which will be exacerbated when Frank Lampard leaves to join New York City FC.
ESPN FC reported earlier this year that Liverpool, who are looking for a central midfielder to replace the departing Steven Gerrard, were confident they would sign Milner, while the prospect of a move abroad appeals to him at some stage of his career.