The Spain midfielder has been heavily linked with a move to the Premier League champion and has a reported €70million release clause in his Atleti contract.
City is thought to be keen on bolstering its options at defensive midfield with Fernandinho now 34 and Rodrigo has done little to quell speculation he could fill that particular transfer wish of Pep Guardiola.
"I asked the club for peace of mind to give me space," the 22-year-old said. "It would be hypocritical to say that I can guarantee anything.
"The only thing I can say is that I have a contract with Atletico Madrid, I have a clause, I have some conditions and today I am happy here.
"I cannot say anything else because I do not know what's going to happen."
City, which won the domestic treble in England last season, has also been linked with West Ham midfielder Declan Rice and Lyon's Tanguy Ndombele.