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The 20-year-old forward was previously reported as wanting to make a move back to his homeland, after supposedly being unable to settle down in England.
But the former Inter hitman believes that such reports are exaggerated, as he insists that he would like to win the Premier League with his current club.
"I don't know exactly how long I will stay with City but I have the contract and I want to respect it," Balotelli told The Mail on Sunday.
"I want to win the league with Manchester City and I think we can do it this season. We have the players.
"I want to repay Roberto Mancini, too. Since I was 17 he has been the most important coach in my career."
Concerning his homesickness and reports pointing towards a return to Italy, he added: "Did you ever hear me say that?
"Sure, it is normal to miss your home and your family but I can see my family and friends here, too. My mother was here just recently."
The young hitman is often grouchy on the pitch, and this was taken as a sign that he is unhappy at the club.
However, the Italy international reassured supporters that this is not the case.
Balotelli said: "I want City's supporters to know this - when I heard them chant my name the other night, as I scored those three goals, it gave me a really warm feeling inside.
"Sometimes I don't smile outwardly but I am smiling inside and that is how it was when I heard them."
