The paper said the former Red Army club has put in an offer for a loan deal, but would not be able to pay all of his $60,000-per-week wages.
The striker, bought during the summer for around 19 million pounds ($28 million at the current rate) has found the back of the net only three times in 17 appearances for City. Manager Mark Hughes has refused to guarantee him a first-team place.
In contrast, in his 77 appearances for CSKA Jo scored 44 goals.
The paper said that offloading Jo would allow Hughes to seek a "more prolific striker," possibly Blackburn's Roque Santa Cruz or Valencia's David Villa.