Cavani struck a hat-trick in their victory over AS Roma yesterday.
Mediaset says De Laurentiis has already turned down a bumper offer from City, but hasn't shut the door completely on a deal. Should City go to €60 million, the movie mogul would be prepared to relent.
However, everything will depend on City firebrand Mario Balotelli.
If City can find a club willing to pay €15 million to take Balotelli off their hands, they'll return to the negotiating table for Cavani.