The City manager is looking for a replacement for Mario Balotteli after reluctantly agreeing to allow the Italian striker to join AC Milan in January.
Given City's financial strength, Mancini will not be limited in his search as to who he can bring to Eastlands and is ready to spend big to land Falcao and Jovetic.
Atletico striker Falcao has been linked with a number of Europe's super clubs, with Real Madrid reportedly the favourites to secure the Colombian's signature.
Fiorentina hitman Jovetic seems the more likely option of the two, with the Viola ready to cash in on the 23-year-old following the arrival of Giuseppe Rossi.
Mancini has told Italian football site Forza Italian Football he is interested in the pair as he prepares for a busy summer of transfer activity.
"It is hard to find a replacement for Balotelli in January. Jovetic really interest us, he would be a good fit," said the Italian.
"We are moving now, because in May champions are already reserved. We are interested in Falcao, but Jovetic is also a fit."