Mancini last week insisted that Balotelli, who's future has been the subject of debate for much of the season, was staying at the Etihad Stadium despite a training ground bust-up between the pair.
That has not stopped speculation this week that City would be willing to sell the Italy international to AC Milan.
However, Mancini is adamant that the 22-year-old is going nowhere any time soon.
"No, it is not true. I am very, very happy [with Mario]," he said, ahead of Sunday's clash with Arsenal.
And Balotelli is in contention to feature against the Gunners at the Emirates, after a goalscoring appearance for City's Under-21s on Monday.
Asked if this was a fresh start for Balotelli, Mancini said: "Next question! No, I hope. He went with the under-21s because he needed a game.
"After 40 days without a game, he needed one game. He trained well and I hope this year will be different."