A former Barca player, Cancelo is in advanced talks to rejoin the Blaugrana from Saudi Pro League club, Al Hilal.
Currently in Saudi for tonight's Super Cup semifinal against Athletic Bilbao, Flick offered a progress report on the negotiations.
He stated, “I spoke with my staff.
"If Ronald (Araujo) returns, there will be enough options in the centre back position. Also notice that Cancelo is not done yet.
"But if it is done, I will be happy because it will give us offensive options. He is a good option and is a quality player.
“You know the situation better than anyone. We had to be smart with the players who arrived, it's not like other clubs that can pay hundreds of millions.
"For the club, at that time, the best thing was to give opportunities to young people. We believe in them and now we have the option of signing a high-level, experienced offensive player. I will be 100% happy if we sign him."