The Argentine, who made his City debut in last season's losing FA Cup final at Wembley, is on a season-long loan at Bayer.
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However, playing chances for Echeverri have been limited - this despite Bayer's struggles this season.
Echeverri has seen just 240 minutes of football in the Bundesliga and Champions League so far and he has started just once in the Bundesliga, which came against Bayern Munich two weeks ago.
City and Bayer meet in the Champions League next week where BILD says a decision could be made as directors meet face-to-face. Cutting the loan short over the New Year is on the table.
In the meantime, City have expressed their disappointment with the lack of action Echeverri has so far seen in Germany.