The Italian has been the subject of fierce speculation but insists he wants to remain with Roberto Mancini's side and would say no to any move back to his homeland
The 21-year-old has had a turbulent two years with Roberto Mancini's side, attracting attention in the media for his off-the-field antics including recently setting fireworks off in his house.
However, he ended last season with a Premier League winners medal and, having scored 27 goals in 60 appearances for City, wants to prolong his stay.
He told The Independent: "I'm staying in Manchester, so I'd say no to Milan. Not now, not in these years. I'm at City."
The Italy striker is currently with the national team preparing for the upcoming European Championships in Poland and Ukraine.
And, having been left out of the squad in February by Cesare Prandelli after stamping on Tottenham’s Scott Parker, Balotelli says he would not do such a thing in a Italy shirt.
"I will never leave the national team with 10 men,” Balotelli added.
The striker is expected to play a big part in Italy’s quest for a major trophy, which would be their first since their World Cup triumph six years ago.