The News of the World says the fiery Welshman looked set for a summer exit from Eastlands after a series of fall-outs with Mancini last season.
He has attracted interest from both Tottenham and his home-town club Cardiff.
The Welsh side wanted to make him their marquee signing after the club was taken over by a Far East consortium.
But boss Mancini is insistent Bellamy can still play a major role in pushing City one step further next season.
Despite some fairly public bust-ups, the Italian has told the City hierarchy he holds Bellamy in the "highest regard" and is desperate to keep hold of him.