The Argentina international almost moved to the San Siro in the summer, while fellow Italian side Roma were interested too.
But neither side was able to finalise a deal and instead the 31-year-old has continually struggled to make an impact under Pep Guardiola at the Etihad.
Inter though, according to Calciomercato, are still keen on Zabaleta and are working on a deal for him now.
The Serie A side have explored the possibility of signing the defender on loan in January, but that would command a fee.
As a result Inter are expected to wait until next summer, when the right-back’s contract expires, before snapping him up for free.