Brazilian club Corinthians have pulled out of a bid to sign Tevez, but he is still expected to move clubs this summer after requesting a transfer.
The forward wants to be closer to his family and his exit would be a significant loss for City ahead of a debut season in the Champions League.
Since joining City in the summer of 2009, Tevez has scored 52 goals in 86 appearances, with 46 coming in the Premier League to make him the most prolific frontman in England's top flight over the past two years.
But former Inter Milan man Balotelli, who scored just 10 goals in his first season in England, is confident City will remain a force with or without Tevez.
The Italy international said: "It doesn't matter if Carlos is here or not. If Carlos is here it's good but if he goes away I'm sure someone else will arrive.
"How I play is all down to me, it doesn't matter who else is at Manchester City. He's a great player so I hope he's going to stay.
"I've seen great players leave clubs before. It happened at Inter Milan. This is football.
"We have a good team here, if a player wants to leave it's his decision but we'll still be a good team.
"I'm excited about the way things are going at the club. This is a good club, the players are amazing.
"I'm OK here and I hope there will be a lot of goals to come from me this season. I thought my first season was so-so.
"I know I can score a lot more. I will show this season what I can do. I'm planning to score a lot this season, that's what I'm trying for."
Source: Team Talk
Source: Team Talk