Conway has been part of the Bristol City set-up since the age of seven and enjoyed a breakthrough campaign to the first team in the 2022-23 season.
Manning said he had had “numerous” discussions with Conway since he took over last November but accepted the decision was beyond his control.
“I think there’s real danger sometimes people jump too early,” Manning said.
“I think the biggest bit for me is we want him to stay… but at the same time we need a level of commitment to show that he’s all in.
“Ultimately, the ball is in his court now a little bit and we’ll have to see how that pans out.”
Bristol City finished 11th in the Championship and Manning said any new signings would have to fit “within the parameters” of the club’s budget.
“We need a 10, we need a nine and we need a winger,” he said.
“In terms of depth, competition – we’ve got some really talented players in those areas already, [but] in terms of when you look at the balance of the group, the make up, having different profiles, I think it’s quite important.”
Flaming balloon cauldron marks start of 2024 Olympic GamesSign up to our free sport newsletter for all the latest news on everything from cycling to boxingSign
Hosted by Ceredigion Sports Council and Ceredigion Actif at Penmorfa Council Offices, Aberaeron, the event recognised dedication across eight award categori
After a rain-soaked opening ceremony like no other, sport will take centre stage at the Paris Olympics on Saturday.Medals will be awarded in the French capital
The Paris 2024 Olympics began with a groundbreaking – and rain-soaked – opening ceremony, the first to be staged outside a stadium.Here, the PA news agency