The Uruguay international has been heavily linked with both PSG and Premier League side Chelsea and Blanc last week described him as "a player I love".
On Monday, the former Bordeaux boss went further and also added that he had no doubt Cavani and Zlatan Ibrahimovic, voted Ligue 1's player of the season after a superb first campaign in the French capital, were compatible in attack.
Blanc told L'Equipe: "If he was to join PSG, I would be happy.
"It would be a big sporting shot and a signal to potential opponents of PSG in France and Europe."
Regarding a partnership with Ibrahimovic, Blanc added: "I believe Cavani and Ibrahimovic are complementary."
Neither is the former France coach concerned about a possible exit by defender Thiago Silva who has been linked with a move to Barcelona.
"I think he will be in Paris next season and he has a great chance to be captain," Blanc said.
Blanc is focused on strengthening his squad and, as well as pursuing Cavani, he hopes to bring in at least three new players this summer.
Newcastle United midfielder Yohan Cabaye is one player to have been linked with a move to PSG and Blanc admits he is an admirer, while Lille's Lucas Digne is another possible target.
"Other reinforcements? You have noticed we only have one left full-back, so we will get reinforcements in that position," said Blanc.
"Lucas Digne? I appreciate him, he is a player with a lot of potential, interesting for the future. It would be a good option.
"Yohan Cabaye? Once again, it will depend on the players we will have at our disposal. Yohan is an amazing player, we canall agree with that.
"We are interested so far because we are forecasting some things, but whether they will be realised, I don't know.
"The team will be different to last season and I think we have good reason to have three or five new players."