The Premier League champions have made enquiries for the prolific Napoli and Atletico Madrid centre-forwards as they turn their attentions away from Robin van Persie.
Manager Roberto Mancini has placed the South American strikers at the top of his shopping list as the Premier League club try to off-load up to four senior front men this summer and free up £600,000-a-week from the wage bill.
City’s interest in Robin van Persie has cooled after learning that Arsenal would want more than £25m for the player, who turns 29 in August.
City have placed a £15m limit on the Dutch spearhead.
As it stands, the club’s top striker targets are Atletico Madrid’s Falcao and Napoli forward Cavani, with both clubs quoting prices of £40m for their prize assets.
Mancini tried and failed to land Cavani in the two previous summers but he is also being strongly pursued by Juventus.
There is believed to be doubt over whether the prolific Uruguayan, 25, is willing to remain at San Paolo after Napoli missed out on Champions League qualification.
City have received some encouraging signs from Atletico in their pursuit of Falcao, who ended his debut season in Spain with 36 goals, including the opening two in the club’s 3-0 Europa League final win over Athletic Bilbao.
Atletico still owe Falcao’s former club Porto around half of the initial £34.7m deal that took him to the Spanish capital last summer in a Portuguese record transfer.
Given the parlous state of Atletico’s finances and the good relationship the two clubs struck up last summer when City paid the £38m for Sergio Aguero up front, the Premier League champions are hopeful they can negotiate a deal for the 26-year-old Colombian, who has scored 108 goals in three seasons in Europe since leaving Argentine giants River Plate in 2009.
City’s plan is to break even in the transfer market this summer while, at the same time, substantially trimming the wage bill.
Some of the club’s biggest earners have been put up for sale as the club attempt to utilise their salary budget more effectively.
City will listen to offers for Carlos Tevez, who earns £198,000-a-week, Edin Dzeko, who gets £130,000-a-week.
Emmanuel Adebayor (£170,000-a-week), Wayne Bridge and Roque Santa Cruz (who both earn £90,000-a-week), who all spent last season on loan, can also leave.
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