The Sky Blues have endured a tough campaign so far, slipping 12 points adrift of local rivals Manchester United in the Premier League, and suffering elimination at the group stage of the Champions League.
Much of this has been blamed on the club’s actions in the transfer market during pre-season, with some suggesting that they failed to strengthen sufficiently.
They are keen to avoid these mistakes next time out, and have set their sights on Cavani and Wanyama to strengthen two areas of weakness outlined by manager Roberto Mancini.
For much of the season the Italian has been critical of his front-men, with Sergio Aguero failing to match the heights of last term and Edin Dzeko and Carlos Tevez not scoring regularly enough to support the Argentine ace.
This has led to speculation that the Citizens will smash their transfer record to land Cavani, who has been prolific in Serie A for some time.
They will face competition from Paris Saint-Germain, but will be able to compete with their French rivals in terms of financial muscle, whilst offering him a better standard of league football.
Wanyama has also been linked with an £8m switch to the Etihad Stadium, with Mancini keen to add greater physicality to his midfield.
He signed Javi Garcia from Benfica last summer, but has so far appeared to be unconvinced by the Spaniard.