Bischoff has failed to make the breakthrough at City and his contract expires at the end of the season.
But the 24-year-old Danish defender is prepared to move back to his homeland this summer in the hope of earning another move overseas in the future.
"I don't regard it as a step backwards to return to the Superliga," he told the Danish press.
"If you are good enough, you will surely get the chance to go abroad again. I don't exclude it."
Meanwhile, Blackburn skipper Todd is said to be a City target after falling out with Rovers boss Mark Hughes.