Haaland, 22, has taken English football by storm since joining City from Borussia Dortmund in a £51m move this summer.
The Norway international has already scored 20 goals in 13 appearances in all competitions for City, including three hat-tricks.
He is the runaway leader in the race for the Premier League Golden Boot, having scored 15 times in the league – seven more than his closest rival, Tottenham striker Kane.
Haaland's move to the Etihad came one year after City failed in a bid to sign Kane from Spurs.
The England international was reportedly keen to move to Manchester but a deal could not be agreed between the two clubs, with Tottenham reluctant to sell their star striker.
Ferdinand believes Kane would have been a success with City and says the forward will be envious of Haaland this season.
"If I were City before Haaland came, I would have taken Kane," Ferdinand explained on his podcast VIBE with FIVE.
"Kane's a goal scorer, he's a killer, he's as cold as you get. In any era he scores goals. I think he would have been brilliant at Man City.
"If I'm him, I'm absolutely puking up in my own mouth and trying not to swallow it when I'm watching Haaland now.
"Because I'm thinking that could have been me."
City manager Pep Guardiola has won the Premier League four times since arriving in English football but is yet to win an elusive first Champions League trophy for the club.
Former Manchester United defender Ferdinand, who won the competition with the Red Devils in 2008, believes the signing of Kane could have helped City become European champions for the first time.
"I think it gets them closer [to winning the Champions League]," Ferdinand said.
"That was a moment for Harry Kane to go and say 'what I've done at Tottenham can never be discredited, it's my home, it's my place of love' and no one would have been disgruntled if he went to City.
"It was there for the taking, I don't know how it happened from all parties. He must be so sick. If I'm Kane I'm sitting there going wild. I know he could end up with a trophy this year.
"But sitting watching, he'll be like: 'Look at what City are doing right now and Haaland is just eating people. I could have been the guy on the end of all those chances'."
Featured Image Credit: Alamy
- Erling Haaland 'can't yet be compared with Harry Kane' claims Tottenham striker's former teammate
- Harry Kane scores against Man City to become Spurs' all-time leading goalscorer
- Pundits think they've worked out why Harry Kane is so bad at free-kicks
- Gabby Agbonlahor 'wants to see' Manchester City start a game without Erling Haaland up front, names replacement