City had hoped to tie up a deal for the Inter Milan ace earlier this week.
But negotiations have come to a halt and Mino Raiola admits his client is anxious to conclude the move.
Raiola said: "As long as there's hope there's life.
"He's calm but anxious to come to an agreement, that's normal for a lad of 19.
"We're working and we're hoping."
Reports indicate the sticking point is Balotelli's wage demands.