Either ways Mancini will face the axe after coming under immense pressure for City's 12-point gap with league leaders Manchester United and due to their Champions League exit in the group stages.
Mancini signed a new five-year contract worth £7.5million a season at City after leading his side to the Premier League title but this season their only chance of silverware is the FA Cup in which they face Barnsley in the sixth round.
Mancini has spent nearly £300 million on players since taking over in 2009. That season City finished third in the Premier League and guaranteed Champions League qualification. Last season City won the league title with a dramatic 3-2 win over Queens Park Rangers.
"I won one Premier League, one FA Cup, one charity shield, there is not another manager that's won like me in the last 15 months. I can do nothing but it is the reality, Mancini said.
Meanwhile, Roma are prepared to offer £4.5million a year to take over next season. The Serie A side sacked Zdenek Zeman and replaced him with Aurelo Andreazzoli until the end of the season.
Mancini earlier said that he is currently "the best manager in England", but the arrivals of of new chief executive Ferran Soriano and sporting director Txiki Begiristain have increased the chances of Mancini's departure at the end of the season.
But City may hold on to Mancini depending on who is available to replace him. The appointement of former Barcelona chiefs suggests that they eyeing Pep Guardiola but the Spaniard has agreed to join Bayern Munich. Jose Mourinho suggested his next job will be in the Premier League and now being targetted by City even though he could rejoin Chelsea.
Despite being under pressure, Mancini is confident he will stay with the club. The Italian was frustrated at seeing Robin van Persie join United and wasn't given enough cash to spend during the transfer window.
City's board are more cautious with spending recently are likely to keep Mancini and help him rebuild the squad with a few more signings. In case City sack Mancini, the new manager will want to reshape the team which would end up costing more.
City are the first team to make contact with £55m-rated Brazilian sensation Neymar and Mancini will see several players sold to raise funds to sign him.
Mancini has transformed a mid-tabled side to Premier League champions thanks to City's billionaire owners but keeping pace with rivals United and being competitive in the Champions League is what is expected of him.