Questions surfaced over the Italian's future last month when he was handed a four-match ban for stamping on Tottenham midfielder Scott Parker.
At the time his representative, Mino Raiola, hinted the 21-year-old could leave the Premier League club because he felt "persecuted".
But Raiola now says Balotelli, who is contracted at City until 2015, will complete at least three years at the Etihad Stadium.
Raiola told The Sun: "As far as Mario is concerned, we have a strategy for him to stay at Manchester City for three years - which we are respecting in full.
"We hope that he will continue to play for them next season, even though you can never rule anything out."
Balotelli, who joined City from Inter Milan in 2010, has scored 12 goals this season to help Roberto Mancini's side top the Premier League.