The Sky Blues are 13 points adrift of their close rivals in second place, with their only chance of silverware lying in their FA Cup final clash with Wigan on Saturday.
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"Roberto [Mancini] will do everything he needs this summer and Manchester City will win back the title next season. City will sign two or three of the best players in the world - and we will not see a repeat of this season," he is quoted as saying by The Sunday Mirror.
"The FA Cup final has become a very big game for Manchester City, even though it was not the trophy we were all talking about in the dressing room at the start of season. Everybody wanted to retain the league and also do well in Europe.
"But those two things did not work out - so now the FA Cup means everything. City are now at the level where the fans expect a trophy every year - and, even though the FA Cup was not the biggest trophy they could win, it is still a big trophy."
Balotelli was, however, wary of the upcoming Wembley showpiece as he cited the unpredictability of the competition.
"Of course, City should win it, but football can be strange. I learned an English saying when I played for City - 'The magic of the cup'," he continued.
"It means anything can happen. All the players are professional and will treat Wigan with respect, while Roberto [Mancini] knows how important this game is, so he will not allow for any complacency."