City boss Roberto Mancini has decided to strengthen his squad which is currently under performing in the Barclays Premier League and willing to offload several players to meet the demands of UEFA's financial fair play.
Carlos Tevez, Edin Dzeko, Samir Nasri, Joleon Lescott, Scott Sinclair, Aleksandar Kolarov and Maicon are some of the names ready to be shown the Etihad exit door.
City had approached Napoli striker Cavani but were put off by his £55million release clause. City eventually failed to sign a single player during the January transfer window but made £20million through the sale of strker Mario Balotelli to AC Milan.
Chelsea are also keen on Cavani but have their sights on Atletico Madrid striker Radamel Falcao. City are prepared to break the British transfer record to sign Cavani, who is the leading scorer with 18 goals in Serie A this season. However, City face competition from other riches PSG and Real Madrid.
Mancini and Co have fallen 12 points behind rival neighbours Manchester United in the Barclays Premier League title race.
The defending champions will raise funds during the summer by selling some of their top talents Tevez, Dzeko, Nasri and Kolarov. City are also on the look out for a defensive midfielder and a centre-back.
City are certainly missing their captain Vincent Kompany while Javi Garcia has not been at his best in midfield when Yaya Toure was out on international duty. England defender Joelon Lescott has fallen down the pecking order to 19-year old Matija Nastasic and has been linked with former club Everton.
City are considering a move for Celtic midfielder Victor Wanyama, who was also being watched by scouts from Arsenal and Chelsea. The 21-year old Kenya international has been on Manchester United's radar and is valued at £10million.