The Portuguese full-back heaped praise on the midfield duo, but feels everyone in the Manchester City squad is a world class talent and says he is consistently amazed by the ability of all his team-mates.
Foden has gone from strength to strength since breaking into the first team as a 17-year-old in 2017.
The Academy graduate scored a career high 16 goals last season to win the PFA and Premier League Young Player of the Year awards and Cancelo is convinced he is destined to win the most prestigious individual prize in the game.
“All of them amaze me,” said City’s No.27 as he reflected on how his team-mates have influenced him.
“[Ilkay] Gundogan is a phenomenal player. For me, Phil Foden will be a Ballon d’Or winner in the future. All of them are world-class players and all of them influence me every day.
“Ruben Dias, for his character, his determination, for his leadership. He came here last season and, in his second year, he’s already one of the team captains.
“I think that it is something to praise because you have to give credit when it’s due.”
Cancelo has been in particularly fine form himself this season, featuring in 32 of City’s 35 games so far and impressing in both his natural right-back position and on the opposite flank.
The Portuguese has been on of the Premier League leaders’ standout performers alongside compatriot Bernardo.
The pair have known each other since they were teenagers and Cancelo says he has noticed a continual improvement in his friend, who he believes is at the top of his game right now.
“Bernardo influences me every day, because every day I spot a new trait in him as a player,” added the full-back.
“For me, he’s a phenomenal player. Of course, I’m partisan when talking about him because I’m his friend, but if he’s not the best midfielder in the world right now, he’s definitely one of the best.”