The Portugal international joined the Bavarians on loan for the rest of the season from Manchester City in the January transfer window.
Cancelo completed his first full 90 minutes for Bayern against Augsburg on Saturday when Julian Nagelsmann's men run out 5-2 winners.
Cancelo scored his first goal for Bayern in that contest and produced an assist in an energetic display.
"What a player," forward Mane told Sport1. "We saw again that Joao is one of the best in the world.
"So good, really, we are very happy that he plays with us.
"I would love to see him with us next season. That's the kind of player we need, for sure."
Bayern Munich have the option to buy Cancelo outright for €70m at the end of the season, though they have expressed reservations about the price.
Bayern sporting director Hasan Salihamidzic looked impressed with Cancelo's performance though, telling reporters: "He is a sensational player."
"He's trained really well in the last week and found that desire and greed again.
"Hardly any other player in Europe is that good in small spaces."
