Mancini met with Milan vice-president Adriano Galliano on Monday, and initial speculation claimed that discussions were held in relation to the futures of Rossoneri defender Thiago Silva and striker Zalatan Ibrahimovic.
Those claims were immediately dismissed by Milan but conjecture then followed that the Man City boss may have been offering Tevez and Balotelli to the Serie A giants.
However, Mancini maintains that his trip to the San Siro was simply a courtesy visit and that no conversations about potential transfers took place.,
"It lasted 10 minutes and I certainly didn't make an offer for Thiago Silva," Mancini told Italian news agency ANSA. "Even less did I offer Balotelli or Tevez to Milan."
Balotelli also came out to deny the rumours, telling Gazzetta dello Sport: "I play at Manchester City. I am happy at City and I will remain there. I don't know anything. I haven't had any contact with them (AC Milan) in the past few years.''
While Mancini is likely to keep hold of Balotelli and Tevez, Bosnian striker Edin Dzeko looks set to leave the Etihad Stadium this summer.
A report in the Daily Star claims Dzeko feels isolated at Eastlands and has told his agent Irfan Redzepagic to find him a new club, with the City team not set up to accommodate a target man.