AC Milan is known to be interested in taking the Italian to the San Siro, but president Silvio Berlusconi stated that neither he or Kaka, also a target, would be joining the club in January.
"It is not true, Mario stays here. We didn't have any requests about Mario or other players," Mancini told reporters.
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 its asking price in hope of offloading the troublesome striker.
The 22-year-old has contributed just one goal to the club's Premier League title defense 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.