The 21-year-old Italy striker, who is preparing for Thursday's Euro 2012 semi-final clash against Germany, has been consistently linked with a return to play in his homeland since he joined City in a £20million deal in summer 2010.
City boss Roberto Mancini confirmed that Balotelli remains a big part of his plans at the Etihad Stadium after he helped the side clinch the Premier League title last season.
However, it is not stopped speculation linking the controversial forward with moves to both Serie A champions Juventus and AC Milan.
But, Balottelli's agent Mino Raiola insists that Balotelli is happy to remain at City, while he also doubts any clubs in Italy have the financial resources to afford his signature.
Raiola told SportMediaset: "Maybe I have not been clear - Balotelli can't come back to Italy.
"Italian football's economic situation means that at the moment top players can't come to Italy.
"In football, nothing is impossible, but Mario hasn't spoken to me. He has no intention to come back.
"City and the coach are relying on him."
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