In this paper, a microwave technique for breast cancer imaging is presented. The approach is based on the use of magnetic nanoparticles as contrast agent to induce a nonnull magnetic contrast selectively localized within the tumor. This allows us to face cancer imaging as the reconstruction of a magnetic contrast from the corresponding scattered field. To extract, from the measured data the contribution due to the magnetic contrast, i.e., the signal meaningful for cancer imaging, the approach exploits the possibility of modulating the magnetic response of magnetic nanoparticles by means of a polarizing magnetic field. The achievable reconstruction capabilities and the robustness against uncertainties on the electric features of the surrounding electric scenario are assessed by means of numerical examples.