Roberto Mancini's side are actively chasing additional attackers for January, with Goal.com revealing they have prepared a £25 million bid for Fiorentina ace Stevan Jovetic.
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When asked about Jovetic, Cancellieri told tuttomercatoweb.com: "He is an interesting player, he has quality. But in attack City are already good, we're happy with Tevez, Aguero and Balotelli.
"Moreover, I believe that our players are better than Jovetic. He is a very good player, but he is not one who could make a difference such as Falcao.
"I spoke about him in recent days with Mancini. If we were to take a player in January, we should take Falcao.
"He is an important player, the only one who could make us take the leap."
Cancellieri also claimed that City have targeted Cesc Fabregas and Sergio Busquets, but a move for either is unlikely due to Barcelona's reluctance to sell.
He said: "A midfielder? We like Busquets and Fabregas a lot, but Barcelona don't want to give these two players."