The Italy international joined City in 2010, but had struggled to settle in England prior to this season and that led to him being linked with a number of Serie A clubs.
He has since had a brilliant start to this season with six goals to his name, but Mancini revealed that the club could have allowed the former Inter Milan man to return to Italy.
"Sooner or later Balotelli will go back to Italy," the City boss told the Corriere della Sera on Tuesday. "That is for sure.
"However, it won't happen for a few more years and it will do him good to remain at Manchester City for the time being.
"We did receive various offers for him from Italian clubs over the summer, but we don't sell anybody here."