However, Sky Sports understands there is a clause inserted into the deal which allows him to leave this summer if a Premier League club makes an offer.
A host of top-flight clubs in England are thought to be keeping tabs on Ibrahim, who has been outstanding for Stromsgodset this season.
The 22-year-old has been instrumental in helping his current side to the top of the Eliteserien table and scouts have been flocking to watch him action.
The likes of Everton, Swansea, Fulham, West Brom, Sunderland and Crystal Palace have all been linked with a move for the powerful midfielder, while Scottish champions Celtic are monitoring his situation as they see him as a possible replacement for Victor Wanyama.
Ibrahim is entering the final year of his contract at City and he is waiting to find out if he figures in new coach Manuel Pellegrini's long-term plans.
The Norwegian's suitors are now waiting in the wings to try and land Ibrahim on a loan deal or on a permanent basis if City decide to let him leave.