The Italian club's vice-president, Adriano Galliani, says that they will wait until Monday to proceed with their move to sign the 22-year-old this month.
"On Friday City still asked for £31m," The Sun quotes Galliani as saying. "We'll see on Monday. At that price, Balotelli will stay at Manchester City."
Balotelli has scored one goal in 14 Premier League appearances this season.