Santa Cruz was expected to join Lazio on transfer deadline, but the move fell through when the Italian side pulled out of the deal. But Lazio president Claudio Lotito has suggested the deal could be revived in January.
Santa Cruz has struggled for fitness and form since making an £17.5 million move from Blackburn Rovers to City last summer, making just six Premier League starts at Eastlands. He had become surplus to requirements for Roberto Mancini but failed to win a move away.
"It's not a disappointment,'' said Lotito. "We decided to take some time and wait for the winter transfer market in order to evaluate whether to make that signing, considering that in that role we already have Mauro Zarate, Sergio Floccari, Tommaso Rocchi and Pasquale Foggia.''
Zarate was a reported target for Tottenham but Lotito has reiterated the South American striker will remain with the club.
"I don't consider offers for Zarate because the Argentinian is not for sale and is a key player for this club,'' said Lotito.