The 20-year-old Balotelli, who joined City in the summer from Inter Milan, hopes this award will be the first of many as he targets domestic and European success in 2011.
"My aim is that this prize will, in the near future, transform itself into the Golden Ball Award," he said.
"To have won this award is a good omen to achieve that."
Balotelli has big ambitions for next year.
"All I ask for is two things: to win the Premier League, in order to continue with the tradition I had at Inter of winning three consecutive league titles, and to clinch the Europa League - a trophy that I have not yet won, and a competition where we are considered favourites," said Balotelli.