On the final day of the summer transfer window, Cancelo completed his move to Catalonia and signed a loan with Barca from Manchester City, where he will remain until the conclusion of the 2023–24 season. But a permanent relocation to Barcelona is not a certain. There is no buyout option in the loan agreement, and rumors from Spain indicate Man City is hesitant to approve yet another departure that isn't a sale. Speaking to RTP, a public broadcaster in Portugal, Cancelo said that Pepe, a Madrid icon, was attempting to get him to visit the Santiago Bernabeu.
"I am thrilled to be in Barcelona; this is what I have always desired. despite the fact that our finances are problematic. It's the club I've always liked, after Benfica," Cancelo said. After a falling out with manager Pep Guardiola, Cancelo was permanently barred from the Man City team in January 2023.