Cherki, 22, joined Man City for a reported fee of £34 million ahead of the Club World Cup in June having had a stellar 2024-25 with Lyon.
The playmaker has adjusted to life under Pep Guardiola well, scoring five goals and providing eight assists in his 22 games across all competition.
According to ex-Lyon owner Textor, however, it could have all gone very differently as Cherki came close to joining rivals PSG.
"Cherki was supposed to go to PSG for €15m," Textor said, via RMC Sport.
"There was a very unusual clause in his contract, which wasn't a true release clause, but it still gave him some leeway to leave."
"In the end, if he had been entirely our player without all these complications, we would have got more for him.
"But getting over €30m for a player whose release clause was set well below that amount... I think, financially, we did as well as we could."