Balotelli, who has barely played for City due to injury after joining the Eastlands club from Inter Milan in the summer, beat off competition from Wilshere to win the award, which recognises the best player under the age of 21.
Wilshere, a full England international, is seen as one of the brightest young prospects in the Premier League.
"I am delighted to receive this award,'' said Balotelli to Tuttosport. "Who should have won this award but me? Two years ago I finished sixth and a year ago fourth. It was finally my turn.
"I don't know who Wilshere is but the next time I play against Arsenal I will keep a close eye on him.
"Perhaps I can show him (Wilshere) the Golden Boy trophy and remind him that I won it!
"My aim is that this prize will, in the near future, transform itself into the Golden Ball Award. To have won this award is a good omen to achieve that.
"All I ask for is two things: to win the Premier League, in order to continue with the tradition I had at Inter of winning three consecutive league titles, and to clinch the Europa League - a trophy that I have not yet won, and a competition where we are considered favourites."