The 22-year-old controversial forward has been linked with an exit from the Etihad Stadium after he was dropped from the side that defeated Tottenham Hotspur 2-1 on Sunday.
"Mancini has chosen to give a signal, it is his right to make choices," Gregucci told Italy's Sky Sport 24.
"Perhaps during the past week, something was missing, but [Balotelli] is ready to take back the shirt of Manchester City. Will he remain? It's not for me to say, I only know that [the situation] is clearly recoverable."
A possible Balotelli departure has also been fuelled following reports that the Premier League champions are ready to lodge a £40m bid for Liverpool striker Luis Suarez.