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Hey growth managers! Sell everything and buy this: Cramer

Jim Cramer has a bold message for portfolio managers looking for growth in a volatile market: sell everything and buy soon-to-be-public Alibaba.

The massive online Chinese retailer, in which Yahoo owns a big stake, could boost the tech company's share price up to $45—a more than 20 percent spike—Cramer said on CNBC's "Squawk on the Street." Yahoo saw shares soar Wednesday morning more than 7 percent after a better-than-expected earnings report that also gave Wall Street a glimpse into Alibaba's massive growth potential.

"I want to own Alibaba," Cramer said. "If I was a growth manager, I would sell every single stock and buy Alibaba. I cannot believe that acceleration. Who accelerates? And this is China we're talking about."

Read More Yahoo earnings, revenue beat; stock rallies

Alibaba's revenue grew 66 percent to $3.06 billion in the last quarter of 2013, according to Yahoo. The online retailer is valued at more than $140 billion and expects to go public later this year, the largest offering since Facebook's IPO in 2012.

Hong Wu | Getty Images

Cramer said Alibaba should want to hit the market sooner rather than later. The retailer is expected to file preliminary IPO paperwork next week.

"Why wait when you have 66 percent growth?" Cramer said. "I was looking for 55. A lot of people were looking for 51 [percent]."

Yahoo owns a 24 percent stake in Alibaba, and some credit the investment with boosting Yahoo's share prices. Cramer said he liked Yahoo CEO Marissa Mayer's strategy to re-emphasize native video and its mobile and social platforms. But Yahoo needs growth in a crowded Internet sector, he added, and so do investors.

Read MoreAlibaba's growth quickens in time for landmark US IPO

Disclosure: Cramer does not own shares in Yahoo.

—By CNBC's Jeff Morganteen. Reuters contributed to this report.

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