The Colombian striker is world football's hottest property at present with a number of big clubs from around Europe interested in his services.
City is a known admirer of Falcao with Cancellieri going one step closer to confirm the English champions could pursue his services during the January transfer window.
"He is an interesting player, he has quality. But in attack City are already good, we're happy with Tevez, Aguero and Balotelli," he told Tuttomercatoweb.com of Jovetic.
"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.
"I spoke about him in recent days with (Roberto) Mancini. If we were to take a player in January, we should take Falcao.
"He is an important player, the only one who could make us take the leap."