The Italy international signed for City from the San Siro in 2010 for a reported fee of £24 million, but his Premier League career has been littered with disciplinary and fitness problems.
After starting just five Premier League matches so far this season, a move from England had been mooted, but Moratti is not expecting the 22-year-old to be returning any time soon, with the club trying to cut back on spending.
Moratti told Gazzetta dello Sport: “I really don't think that Balotelli will be coming back to Inter.
“As far as I'm concerned the team will stay more or less the way it is now."
Inter sit third in Serie A and have already qualified for the knockout stage of the Europa League, and Moratti is confident the current squad can challenge for trophies.
“It's a good challenge for the players that we have, who all want to do well and build on what we've achieved early in the season," he added.
“Inter are a good team, but every now and then we don't do so well.”