Velic previously worked with City coach Benni McCarthy at Belgian club Sint-Truidense VV, and currently plies his trade at FK Mladost Doboj-Kakanj in Bosnia-Herzegovina.
Velic was identified as a replacement for veteran keeper Shu-Aib Walters, whose contract expires at the end of the month.
Citizens boss John Comitis, who is currently in Russia for the World Cup, insists a deal is yet to be finalised.
"Look, we are very keen to strengthen our goalkeeping department and yes we are looking at Emile, but nothing has been finalised though," says the former Ajax Cape Town boss.
Sage Stephens was McCarthy're preferred option in goal last season.