Balotelli has been regularly linked with a return to Italy since joining City in 2010.
But the 21-year-old has impressed in recent months as he looks to have matured and settled into life in England.
Raiola himself sparked renewed speculation about his client's future by saying Napoli should exchange Lavezzi for Balotelli.
Yet the agent has now tried to play down the suggestion that any such deal is in the offing.
"It was just a comment in response to a question," Raiola told Radio Radio.
"I talked about putting myself in Napoli's shoes, and for them it would be a bargain.
"We have not received any proposal for Mario. I always said that Balotelli needed time and the last three or four months are showing that.
"Settling into English football has been difficult, but now Mario understands certain mechanisms.
"He chose Manchester City and has never said he will leave."
Napoli coach Walter Mazzarri says he is keen to keep hold of Lavezzi, but would not turn down the chance to sign Balotelli if the opportunity presented itself.
"I am happy to have Lavezzi and the other players in my team," said the Napoli coach.
"But as I've always said, I wouldn't say no to Balotelli. He is a very strong player.
"But right now we have other things to think about."