Manchester City's wealthy owners are expected to bankroll another spending spree once the transfer window re-opens, with the Blues looking to build on their Premier League title success.
European football's leading lights are being linked with a move to the Etihad Stadium, with money no object in City's quest to be the best.
Uruguay international Cavani, who helped to dump City out of the Champions League last season, is reported to be a long-time target for Mancini.
The Italian is reluctant to match Napoli's valuation of the player, though, and has also sought to play down rumours suggesting he could make a move for Arsenal skipper Robin van Persie.
Mancini told Tuttosport: "Who would I choose between Van Persie and Cavani? The Dutchman is a champion, while the Uruguayan has everything and I wanted to take him to Inter Milan when he played at Palermo.
"But to take him at the current price is impossible and Van Persie is a different matter altogether."
While Mancini is happy with his striking options, he could be tempted to bring in defensive reinforcements.
Juventus' Giorgio Chiellini and AC Milan's Thiago Silva are reported to be top targets for City, but Mancini claims it would be difficult to bring either to England.
He said: "Chiellini? I thought about him last year, not now. There are many other options.
"Thiago Silva? AC Milan will not sell him."
If City are to bring fresh faces in this summer, they will need to move a few players out in order to make room in their squad.
Mancini is, however, quick to point out that he would like to see Carlos Tevez and Aleksandar Kolarov - two players who have been linked with exits in the recent past - remain at the club.
He said: "Tevez? I have forgiven him, even if he didn't play much. He will stay, unless he asks to leave.
"Kolarov? I would like to keep him even though he didn't play that much in the last few months and that is a difficult situation for him to accept."
Chelsea won the Europa League on Wednesday. The Blues defeated Benfica 2-1 on injury time goal from Ivanovic.
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