Mancini expects Balotelli to remain at City but says his future is in his own hands, and has told the Italy international to clean up his act.
He told Gazzetta dello Sport: "The time of talks and allowances has ended. Balotelli is aged 22 and it's time for him to be professional.
"I ask of him engagement and seriousness in his training, a regular private life and correct behaviour on the pitch.
"The relationship between he and I is always good even if every day he does something. I have affection for him because we've lived together for many years. But the professional relationship is another thing and, from now, Mario knows the facts."
Mancini added of the transfer speculation surrounding Balotelli: "I think Mario will stay but the future is especially up to him.
"Sheikh Mansour likes Balotelli.
"Another consideration that must be made on Mario is that an important investment has been made and this isn't a club that throws their capitals out of the window."