Speaking at a press conference ahead of Barcelona's Champions League quarter-final first leg against Atlético Madrid, the 31-year-old full-back refused to tip his hand.
"In football, anything can happen. I'll keep working. I know what I want for next season, but I'm not going to say it," Cancelo told reporters.
He later added: "At the start, they weren't having these conversations — they were having doubts, saying I was finished. And here we are."
The Portuguese international returned to Barca on loan from Saudi club Al Hilal in January for a second spell at Camp Nou, having previously spent the 2023-24 season there on loan from Manchester City. He has quickly become a key figure under Hansi Flick, contributing a goal and three assists in 13 appearances. His performances included a major role in last weekend's 2-1 comeback win over Atlético.
Cancelo was quick to credit his surroundings for his resurgence. "I don't know if I'm at 100 percent, but with teammates of this calibre, it's natural that my talent comes out." Flick also drew praise. "I've had the fortune of working with great managers in my career, and Hansi is one of them."
Barcelona want to keep him. Fabrizio Romano reports the club has been in constant contact with his agent Jorge Mendes to affirm that intent, and Cancelo himself is keen to stay. The snag is straightforward: Al Hilal, whose contract with Cancelo runs until 2027, are demanding around €15 million for his permanent signature. Barca, constrained by their salary cap situation, want a free transfer — and are also asking the player to accept reduced wages. Neither side has yet blinked.