The Italy international has been strongly linked with a return to Serie A this summer after a controversial season in England.
"I'm in Manchester but it has nothing to do with the transfer market," Balotelli's agent Mino Raiola said to Sky Italia.
"There is no intention by Manchester City to sell the player.
"He (Balotelli) has always stated that he is happy in Manchester and finding his balance.
"Of course, that balance is lost when things don't go well."