Manchester City Football Club is obviously the most important element which negates the need for a MCFC element.
Going off what I've heard from people and sources in interviews, I'm of the belief that a circular badge, with a shield, with the trade ship, and either the 3 rivers or the Duke of Lancaster Rose is the preferred option..
No idea of what arrangement of the colours would be or the shape of the shield, but IMO it will be an updated version of the 70's/80's badge, fitting within the CFG branding (Football Club not F.C.) with the lower shield consisting of either the 3 Rivers of the Medlock, Irwell and Irk or the Duke of Lancaster Rose.
My choice., if given the option of a circular badge with a sky blue outer band, like the NYCFC/MelCFC CFG branding badges and not the white outer band of Manchester City, then I would chose our current badge with the eagle and the stars. It has to be right or nothing should change.