The 49-year-old, who returned to the San Siro helm last Friday, has been a father figure to the Italy international, first at Inter and later again during their time together at Manchester City.
However, Balotelli’s time at Eastlands came to end when Mancini was sacked by the Citizens at the end of the 2012/13 season, with the striker signing for AC Milan – a club he had supported as a boy.
And with Mancini returning the Nerazzurri, the rumour mill has kicked into drive, claiming the manager was considering a move for the struggling Liverpool frontman.
Mancini insists that is not the case, though, urging Balotelli to grasp the chance handed to him by the Merseyside club.
“I think that Mario [Balotelli] is going to stay at Liverpool,” Mancini said. “It is a great opportunity for him.
“He has to do his best there. He has been lucky to get back into England playing for a big club.
“He has to take this chance.”