Pellegrini is keen on adding at least two strikers to his squad this summer after Carlos Tevez left for Juventus last week and Edin Dzeko is nearing a summer switch to Germany.
Fred is with the Brazilian national team at present as they face Spain in the Confederations Cup final tonight but is set to fly to England next week to discuss a move with City.
Cardozo was in fine form again last season for Benfica and is set for a summer move after falling out with the manager in Portugal, leaving City with the chance of a cheaper deal for the £30million rated man.
Pellegrini had hoped to bring Edinson Cavani to Manchester but it seems it is now a fight between Chelsea and Real Madrid for the Napoli striker.
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