According to
Football Insider, Phil Foden is expected to sign a new contract with Manchester City shortly. This is expected to make him one of the top earners in the squad.
Foden is one of the most important players in the squad right now. He has played a really big role in Manchester City's success so far. He has made an important level of score contribution in this season as well. I don't feel like Manchester City would let go of a wonderful talent like him that easy. Foden also seems to have no problem on leaving his future for Manchester City to decide too.

As he is fitting this team solidly I wouldn't also like to see him leaving in a short time.
Just a year and a half ago, he already extended his contract with the club (until 2027), now it is obvious that he has turned into a top player and City wants to sign him with an obviously longer contract and a larger compensation amount. This probably won’t be difficult to do, since Foden has been a City fan since childhood and is as loyal as possible, but if I were him, I wouldn’t be in much of a hurry, since there are still 3 years ahead - why rush? Plus, he's already won everything he could with City, so maybe it's worth leaving some room for maneuver.