Raiola’s comments come in the wake of Balotelli being omitted from City’s matchday squad for their clash with Tottenham on Sunday, with the Italian unable even to secure a place among the substitutes.
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"He doesn't want to leave," Raiola told reporters. "There's no player who is ever happy with not playing in a game, but he accepts it. It's all part of the game."
Balotelli has long been the subject of a rumoured move away from Manchester, and his club reportedly rejected approaches from PSG and former club Inter for the striker in the summer.
The 22-year-old, however, is focused on regaining his place in the first team at his current club as opposed to seeking a starting berth elsewhere, according to his agent.
"There is no [transfer to] Italy and no plans to go there," Raiola added. "He'll work until the end of his contract. [Sunday’s omission] doesn't mean he wants to leave Manchester."