Although Martin O'Neill hinted on Friday night that Milner was on the verge of completing a big-money switch to Eastlands, the contract remains unsigned.
Milner is due to link up with the England squad ahead of Wednesday's friendly with Hungary early next week, which further complicates matters.
Balotelli has Italian national commitments as well, although Mancini is hoping to tie up both deals very swiftly once those midweek fixtures are over.
"We are close with both players but now they are going with their national teams," said Mancini after the 2-0 friendly win over Valencia.
"We hope that we can have these players by next Thursday.
"For now we have two days off and we are not going to talk about the market. Next week we will see.
"These deals could happen but we need to wait."
Should both go through it would take City's summer spending beyond £125million and confirm their status as the richest club in the world.
It is a fact not overlooked in Spain's Primera Division, with Valencia boss Unai Emery claiming they have even zoomed past Real Madrid in the wealth stakes.
"On a worldwide scale the only comparison has been Real Madrid, but City have even gone beyond that now," he said.
"They are creaming off some of the biggest players in the world. The investment has bought them a squad of great players and now they are definite contenders to win the title in England.
"It takes more than just investment of course but certainly in the Premier League I would regard them as being at the same level as both Chelsea and Manchester United."
It is Mancini's task to try and mould the huge number of stars into a winning team.
Craig Bellamy did not even get off the bench tonight, with Mancini confirming: "I cannot use 25 players in one game."
Bellamy will almost certainly resolve that situation by finding another club.
For Shay Given and Joe Hart the situation is not quite so simple.
Both men were given 45 minutes to impress as Gareth Barry and Jo scored the goals that cemented victory.
Only one will play in next Saturday's Premier League opener at Tottenham though, which must be very difficult for Hart given he is expected to start for England in midweek.
"It is not a big decision," insisted Mancini.
"I am fortunate that I have two strong goalkeepers. This is important when you have a long season with three matches every week.
"I have an idea who I will play but I still have a week to decide.
"I know whoever I pick, the other one will help that person. It is not a problem for us."
What do you think? Have your say.
Make sure you pick up your 16-page pre-season City supplement with Wednesday's Manchester Evening News
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Showing comments 1 to 25 and replies | View All
Moston Blue (08/08/2010 at 16:12)
We have to play as a team and not with 11 individuals. Or 25 individuals!
Bluegoose, Lancashire (08/08/2010 at 16:15)
1 Burridge
2 Charvet
3 Van der blerk
4 Vaughan
5 Kernaghan
6 G Whitley
7 Pollock
8 Conlon
9 Bradbury 10 J Whitley 11 Smith
ray class of '68 and before, Bristol Area (08/08/2010 at 16:18)
If we don't have him (Dzeko) signed up alongside the other two by thursday, then I can see the red-top's friday headlines already.......
'CITY CHEAPSKATES FAIL AGAIN!!'
You can't make it up can you? Well, actually you can....I just did!
TTFN
p.s. Here's hoping I get this posted, as I'll then be on a roll with 4 on the trot bypassing the Red Moderator.
HeavyRiffs, Manchester (08/08/2010 at 16:27)
Jeff Whitley hasn't played well all last year and has looked off the pace in pre-season, I'd draft Horlock back in personally...
MART (BEBB) Broughton Blues, South Stand L2, Block 218, Row R, Seat 510. (08/08/2010 at 16:28)
HART Number 1 Keeper for me - both next season and long-term (improvement now up-to-level of Given following Brum Loan and crucially still young enough to improve further), although GIVEN not only a quality Number 2 as back-up, but also may play upto half of total season's games, especially in periods where we'll be playing 2 or 3 games per week, depending of course on our success in Cup Comp's.
Not sure BELLAMY should be sold - find him a place in 25squad Roberto, I mean let's face it if you can find a spot for Vieira then surely there's one for Bellamy as well, or even in place of Vieira. Fact is - both players cannot play every game anyway due to physicalities - but I know which one I'd choose if it was a straight choice - BELLAMY ALL THE WAY.
Only other key decisions for Mancini as far as 25squad goes I.M.O. is whether he includes Jo and whether or not he let's S.I. go.
Whatever decisions he makes - in Mancini I trust (god sound like a scouser don't eye !) - TIME WILL TELL.
UP THE BLUES!!!!!!
Mick Travis (08/08/2010 at 16:47)
Another thing. The media is milking this Given v Hart thing for all it's worth. Don't lets get sucked into doing likewise. We have 2 of the top 5 keepers in the Prem, IMO and, truly, it's a toss-up who gets to play next weekend.
Billy Meredith's toothpick, leafy Cheadle (08/08/2010 at 16:49)
Paul C (08/08/2010 at 16:51)
We have suffered more than most not least because of that team from Salford. But history tells us that empires fall and new ones are built.
All I can say now is thank you Sheikh Mansour.
Clive Tysoe (08/08/2010 at 16:57)
UtterlyBitter, Frome (08/08/2010 at 16:58)
Frontzek on the bench
C M (08/08/2010 at 17:05)
Belmont Blue, CA, USA (08/08/2010 at 17:11)
Bradbury is angling for an increased multi million pound contract. His agent say's it's something to do with global image rights.
HeavyRiffs, Manchester (08/08/2010 at 17:12)
Went for number 21, name on the top, "SILVA LINING" as all Man City's once dark clouds overhead, all now have one... ;)
ted knott, droylsden (08/08/2010 at 17:23)
Paul C enjoyed your comments especially the old Social club looking like something out of Phoenix nights ---so funny but a great story!
Nick The Voice of Reason,, Surrey Hills,( Blackley Born and Bred.) (08/08/2010 at 17:30)
Bert is my hero, Cheshire! (08/08/2010 at 17:32)
Bert is my hero, Cheshire! (08/08/2010 at 17:40)
stan bowles, warrington (08/08/2010 at 17:42)
ted knott, droylsden (08/08/2010 at 17:43)
However what is the purpose of a contract can anyone tell me?
ted knott, droylsden (08/08/2010 at 17:45)
Neville's ugly brother!, Ashton-under-Lyne (08/08/2010 at 17:59)
HeavyRiffs, Manchester (08/08/2010 at 18:11)
Hey, no need to be like that!
I'm sure there was thousands and thousands of them there, it's in London don't forget...
Bob the Baker, God bless the Glazers (08/08/2010 at 18:12)
Bluemanc100, Exiled In Stafford (08/08/2010 at 18:12)
Jeff Whitley hasn't played well all last year and has looked off the pace in pre-season, I'd draft Horlock back in personally...
He can sell you a great Ford Focus hatchback though.............
Mancman999, Bangkok Thailand (08/08/2010 at 18:30)