AC Milan are known to be interested in taking the Italian to San Siro, but president Silvio Berlusconi stated that neither he nor Kaka, also a target, would be joining the club in January.
Mancini told reporters: "It is not true, Mario stays here. We didn't have any requests about Mario or other players."
Balotelli's agent Mino Raiola was known to be in Milan in an attempt to negotiate a deal with the club, as exclusively revealed by Goal.com, with City lowering their asking price in the hope of offloading the difficult striker.
|14/1||Juventus are 14/1 to be Mario Balotelli's next permanent club with Paddy Power|
The 22-year-old has contributed just one goal to the club's Premier League title defence this season, having had a high-profile training ground spat with Mancini, and has given notice on his rented house in Cheshire.
However, the manager's claims seem to spell an end to any possible move for the striker, despite Balotelli's seeming willingness to leave.