Jovetic has been linked with a January transfer to City.
But Cancellieri told tuttomercatoweb.com: "He is an interesting player, he has quality. But in attack City are already good, we're happy with Tevez, Aguero and Balotelli.
"Moreover, I believe that our players are better than Jovetic. He is a very good player, but he is not one who could make a difference such as Falcao."