Not really, given Denayer's agent came out with this to say:
De Preter said: "He was not in the selection against Chelsea but that was no surprise to us," said the agent.
"But if City gets a defender, that's it. They had promised us that no more defenders of that calibre would come. That does worry me." "For now, we do not panic. "Two weeks ago City wanted him absolutely not let go. That would still say they believe in him. But this should not take too long.
"If he is to sit on the bench or in the stands, he leaves. That’s an agreement we have with the club. He has to play, also with a view to the national team. But I repeat, that is not yet on the agenda. Jason also remains calm."
Source.
It makes total sense for Denayer to be a little worried, given he's been knocked one place down in the pecking order, and he already wasn't getting on the bench. Personally I think another loan is best for him, considering his age, and that City are getting Otamendi, but you've got to look at it from Denayer's point of view as well. He seems to believe that he's good enough for City, but City aren't looking like they're going to be giving him too many chances this season.
Obviously Demichelis is 34, but the others are 29, 27, and 24, not ages that mean they're up for retirement in the next year or two. I was pretty hopeful that a CB lineup of Kompany, Mangala, Demichelis, and Denayer would mean he'd get plenty of games, but with Otamendi that's looking less likely.