The CANT Z.516 was a three engine monoplane floatplane designed in Italy at the start of World War II.

The Z.516 (Z denoting a Zappata design) was the result of a 1939 requirement for an improved version of the established CANT Z.506 reconnaissance bomber, which was a three engine aircraft.

The project was managed by the designer Filippo Zappata.

It was decided to use the fuselage and power plant of a well-tested Z.1007 Alcione bomber for the construction of a seaplane.

However, the flight characteristics did not satisfy the Regia Aeronautica and work on the aircraft was stopped.