The Citizens are keen on signing Fred and Cardozo.
Former City manager Roberto Mancini was extremely keen on bringing Cavani to the Etihad Stadium, but new boss Manuel Pellegrini has axed the deal in favour of Fred and Cardozo.
Pellegrini does not think it is worth breaking the bank for the £54m rated Uruguayan and will instead spend his budget more economically.
New attacking options at Eastlands are a priority this summer as the recent sale of Carlos Tevez to Juventus and Mario Balotelli’s departure to AC Milan back in January leaves the club with only two recognised strikers.
The new manager sees proven goalscorers Fred and Cardozo as the perfect additions to join Sergio Aguero and Edin Dzeko in the forward line.
The Brazilian has been prolific in-front of goal throughout his career, mostly playing domestically in his home country but also enjoying a spell with French side Olympique Lyon between 2005 and 2009.
Internationally Fred has also been deadly with a precise 50% record having scored 14 goals in 28 appearances for Brazil.
Similarly Cardozo, another South American, is a proven goalscorer and has impressed for several years at Benfica having joined the side in 2007 for £10.3m.
Last season the Paraguayan netted 31 times in 46 appearances for the Portuguese club, which included nine goals in Europe in both the Champions League and Europa League.
The only issue that may concern City is the age of the two hit-men, with Fred and Cardozo being 29 and 30-years-old respectively.