The forward enjoyed three of his best seasons at the Serie A club, netting 78 league goals to establish himself as one of Europe's most feared marksmen, subsequently making a big-money switch to PSG in 2013.
Though he failed to exceed 20 Ligue 1 scores in a single season during his first three years in France, Cavani stepped things up a notch in 2016-17 with 35 strikes and he has been similarly lethal ever since.
But, amid suggestions of a fractious relationship with Neymar, speculation has hinted could be allowed to leave the club.
Media reports indicate Napoli as being among the clubs monitoring the situation, and Ancelotti has made no secret of his desire to see the 31-year-old return to Italy to play under him.
"I played against Diego Maradona and I would have liked to coach him as well. He was one of the most difficult to play against, but also the fairest, because at times we'd need to use rough tactics to stop him, yet he never complained.”
Napoli pushed Juventus all the way in the Serie A title race last season and, though they are second to the Bianconeri after 12 matches this time around, Ancelotti's side are six points behind.
Nevertheless, Ancelotti is convinced the title is not beyond Napoli.
“The title is a dream, but not utopia,” he added. “Utopia is beyond reach.
“But this is not the time to be making predictions. There's going to be a fundamental run of games coming up – we must be ready in Serie A and the Champions League. Getting through that group would be particularly satisfying.”
Napoli return to action following the international break on Sunday when they face Chievo in Serie A.