The trainer thanked the 28-year-old for a season full of goals as the Millo finished as Nacional B champions, but maintained that he may not be needed in the top flight
'El Torito' returned to his boyhood idols following their historic relegation in June 2011, with the intention of restoring River to the top flight with promotion at first time of asking from the Nacional B.
After a wonderful start, the 28-year-old forward struggled to reproduce his best form following the arrival of David Trezeguet, but he still finished third-top scorer as the Millo went back up as champions.
Asked about Cavenaghi's future on Wednesday, however, Almeyda refused to give any guarantees over whether he would be appearing in the 2012 Apertura.
"[Cavenaghi and Alejandro Dominguez] came to do their part and they achieved their objectives. I will sit down with the directors to see what contracts are ending. A lot of people will be returning. We are grateful for those that returned, but a cycle has come to an end," the trainer explained to Ole.
"[River] will be strengthening. We want a competitive team. Changing it means getting better, not worse; this team won the Nacional B and you always want changes to enrich things."
River will be joined in the Primera A by Quilmes who also secured automatic promotion, while Instituto and Rosario Central will play off against San Lorenzo and San Martin de San Juan respectively to try and reach the top flight.