The Uruguayan international had been linked with Manchester United earlier this month, but the report claims Pellegrini is also keen on the 26-year-old forward.
City already have one of the best forward units in Europe, boasting Sergio Aguero, Alvaro Negredo and Edin Dzeko.
The report fails to note whether City would move for Cavani this month or wait until the summer, but previous reports have suggested the Uruguayan is prepared to wait until the end of the current campaign before making a decision on his future.
He has 13 goals in 15 Ligue 1 starts for Paris Saint German this season as the reigning French champions currently sit top of the table.
Do YOU want to write for GiveMeSport? Get started today by signing-up and submitting an article HERE: http://gms.to/writeforgms