City finished the Premier League season in fifth spot and missed out on a place in Europe's elite club competition, with Tottenham pipping them to the post.
The Blues may now find it more difficult to attract the biggest stars to the club, but have been linked with top names such as Fernando Torres, Steven Gerrard and Zlatan Ibrahimovic.
Mancini insists there is a long term plan at the City of Manchester Stadium, and that Champions League football next term is not the be all and end all.
"It's important that players come here for the right reasons," he said.
"A player may go to a club because they are in the Champions League. But then that club gets knocked out in the group stages - and they are in the same situation as us.
"The important thing is the project. We have a big project for the future here.
"That's why I believe that if a player chooses City, they have made a fantastic choice."