The Portuguese full-back has signed a new contract with the Premier League champions, committing his future to the club with a two-year extension that sees him tied down until 2027.
Cancelo, who joined from Juventus in 2019, has taken his game to new heights under Pep Guardiola and become one of City's most devastating attacking weapons.
He believes City will continue to compete an all fronts for years to come and made the admission that he expects academy graduate Foden to become the best in the world.
Speaking to Manchester City's official website, Cancelo said: “In this club, I'm always confident to succeed. We have a lot of players with bright futures.
“Phil Foden is going to be one of the best players in the world, if not the best.
"The atmosphere around the first team is fabulous and I think that is one of the key factors that made us win so many trophies lately.”
There was a time where Foden's development was questioned and many called for him to be loaned out in a bid to get regular game-time.
But he was carefully nurtured by Guardiola, who has frequently waxed lyrical about the Stockport starlet's talents.
Boyhood City fan Foden played 38 times in all competitions in the 2019/20 campaign and the following season that appearance number increased to 50.
Last term, the 21-year-old scored 16 times and played an integral role as City won the Premier League and Carabao Cup as well as reaching the Champions League final for the first time in their history.
He won the PFA Young Player of the Year award and was part of Gareth Southgate's England squad for Euro 2020.
Foden is contracted until 2024 but is widely expected to sign a bumper new six-year deal worth £150,000-a-week in the coming months.
He has regularly stated his desire to spend his entire career with the club he joined at the age of nine.
City fan and former Oasis musician Noel Gallagher branded Foden a "£200 million player" after his masterclass against Liverpool at Anfield earlier this season.
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