There had been suggestions that the 48-year-old would be dismissed from his position at the end of the season, despite him signing a new long-term contract at the Etihad Stadium last summer.
"City are second in the league and have achieved some important results in the last few weeks," BBC Sport quotes Lippi as saying.
"It's true they have been knocked out of the Champions League, but it doesn't seem to me that Mancini's position is in question. It's only the papers that question it. He has won an FA Cup, he has won the Premier League. I think he has done exceptionally well."