The 19 year old has been heavily linked with a switch away from the Serie A side after enduring a difficult relationship with manager Jose Mourinho.
"This is a big stupidity," said Raiola on www.tuttomercatoweb.com of the Man City link. "There was no contact and Mario won't go to City for sure.
"We'll talk with the club about Balotelli's future after the (Champions League) final in Madrid.
"Now the boy must be focused exclusively on these last two games, as Jose Mourinho asked. We must wait until the end of the season."