Max Aarons was reportedly the subject of a late transfer bid from German giants Borussia Dortmund.

That's according to the Telegraph's John Percy, who claims they submitted a loan offer with an option to buy on the penultimate day of the transfer window. City 'instantly rejected' that proposal, according to the report.

Speculation around Aarons' future was quiet throughout the window, although that may have been different had Carlo Ancelotti opted to remain at Everton. The now Real Madrid boss is understood to be a big admirer of City's full-back.

Everton's early summer interest cooled significantly when Rafa Benitez was appointed as manager, with the Spaniard preferring a different profile of right-back. Tottenham also hold a long-term interest in Aarons, but opted to sign Barcelona's Emerson Royal on Deadline Day.

Atletico Madrid's interest was also understood to be genuine, but they currently have two right-backs on their books including England international Kieran Trippier, who was linked with a move to Manchester United during the window but that never materialised.

The 21-year-old has previously been the subject of bids from Barcelona, who structured a similar bid to Dortmund's reported offer, and Roma who attempted to sign Aarons back in January.

Aarons has been linked with a host of top European clubs including Bayern Munich, Inter Milan and Arsenal, but remains with City as they continue on their top-flight survival mission.

The right-back was a standout performer during the most recent Premier League clash against Leicester City, stifling Harvey Barnes for the majority of the 2-1 defeat before the international break.

He started for England U21s for their European Championship qualifying fixture against Kosovo at the Stadium MK earlier this week and is regarded as one of the brightest young talents in the country.

Dortmund have utilised the English market in the last few seasons in search of developing some of the country's best young talents.

The Pink Un: Jude Bellingham is one of the English talents Borussia Dortmund have signed.Jude Bellingham is one of the English talents Borussia Dortmund have signed. (Image: PA Wire/PA Images)

That includes Jadon Sancho, who joined Manchester United for a reported £76m this summer and Birmingham City academy graduate Jude Bellingham, who was a part of the England squad that reached the final of the European Championships in July.

Two of their three right-backs are currently injured, with ex-City loanee Felix Passlack the only fit natural option in that position currently. Thomas Meunier did start in their last game but is expected to be out until later this month.