La Viola are on the look out for a forward after the injury to Giuseppe Rossi and have been linked with both Jovetic and Metalist Kharkiv's Alejandro 'Papu' Gomez, whom Montella managed at Catania.
Jovetic spent five years with Fiorentina before sealing a big-money switch to the Etihad Stadium last summer.
However, the 24-year-old has only featured five times for Manuel Pellegrini's side this term - scoring twice - after a series of injuries and a bout of illness.
In comments reported from a press conference in Italy, Montella is quoted as saying: "We are looking for a forward who is able to play along with Mario Gomez, who is about to recover (from his four month injury), and who knows how to score goals and can also play as a winger.
"Alejandro Gomez? He is a very interesting player.
"Jovetic's return (on loan)? It's not science fiction, but he is injured too," said Montella, concluding with a smile.