The 26-year-old has impressed for Benfica this season, scoring 18 league goals this season.
The Daily Mirror says Cardozo could be among City’s targets for the summer.
Cardozo’s agent Pedro Aldave said: “Benfica may sell but for the best price, which is normal. If he goes, then it will be to a big club.
“I’ve had interest from all over Europe, but Spain or England is most likely.”