The Spanish player has been a key figure at City since joining the club from Valencia in 2010. The 31-year-old was once again in top form as he scored his 50th goal for the club in the 5-0 rout of Crystal Palace on Saturday.
"I've been saying this for years [that Silva is the best I've played with]. I am a lucky man," Zabaleta told the club's official website.
"When you play alongside those players you feel happy to play with them.
"For me, he's one of the best players I've ever seen and we are so lucky to have David at Manchester City."