"I would bet on a Manchester vs Barcelona final," he told Radio Zenit.
However, the ex-Soviet and Russian international also said that Alex Ferguson's players would have to be on their best form to make the Rome final. Manchester United beat Arsenal 1-0 in the first leg of their semi-final clash with Arsenal at Old Trafford a week ago. The return leg is in London this evening.
"Despite Manchester's victory in the first match, nothing is clear yet," he said. "To relax, Man United need to score an away goal...Arsenal are a young team and a lot depends on their mood. If they get into their rhythm, the Mancunians will have a tough time."
Arsenal go into the clash without Andrei Arshavin, their cup-tied Russian playmaker.
"Chelsea vs Barcelona will be very interesting as both teams need to score after the 0-0 draw in the first leg [in Spain]. Personally, I will be rooting for Barcelona."
Chelsea, temporarily managed by Russia national team coach Guus Hiddink, were beaten in last year's Moscow final by Manchester United.
Kanchelskis played for Manchester United from 1991-1995.