Should the young Italian opt to join City, he would become the Eastlands club's fifth summer signing following the arrivals of Aleksander Kolarov, David Silva, Yaya Toure and Jerome Boateng.
However, Balotelli's agent, Mino Raiola, has insisted it is not a foregone conclusion.
"Balotelli hasn't signed anything with Manchester City and I doubt that anything will be agreed in the next few days," Raiola said on Monday.
"Mario has two qualities that suit us: his talent and his age, because I want people able to build a cycle at Manchester City.
"That said we return to the problem of valuation that has to be just. I like the player and at certain conditions. That's all.
"I think that in a couple of days certain situations will be clearer, but I can't guarantee in what way."
Balotelli is set to travel with European champions Inter to play pre-season friendlies in the United States, where one of the opponents will be his potential new employers City.
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