The side from Seville made enquiries over a loan move in the summer, but were rebuked by City who were holding out for a permanent deal for the young Ukranian.
However, according to 'AS', Betis will return with an improved offer to add competition at the left-back spot after Riza Durmisi moved to Lazio in the summer.
Things will not be simple though, with Napoli also showing an interest in the player. In addition, Zinchenko's agent recently claimed his client would be keen on a move to Serie A.
"We are always open to proposals coming from Italy," Alan Prudnikov said to 'Radio Marte'.
"Napoli showed interest both over the summer and the year before, but never managed to find an agreement with Manchester City.
"I met with Giuntoli and we laid down the foundations of a deal with Zinchenko. But the two clubs could not agree a fee. We'd be ready to discuss it again, though."