City turned down a £40million bid from the Brazilian club last week, and were believed to be holding out for £50m for a player who finished as joint top scorer in the Barclays Premier League last season with 20 goals.
The club will now turn their attention to securing the signature of Atletico Madrid striker Sergio Aguero, with the player's representatives set to meet up with City chiefs.
Speaking on the club's pre-season tour of North America, Mancini said: 'We have an agreement with Corinthians but Carlos now is still a City player.'
The Sao Paulo club moved for the Argentina striker after being alerted by Tevez's admission earlier this month that he wished to leave City for the sake of his family, with his two children based in his homeland.
Corinthians president Andres Sanchez last week claimed Juventus had entered the race to sign Tevez but insisted his own club would not increase their offer for the wantaway South American.
Tevez's advisor, Kia Joorabchian, revealed a few days ago that a deal with Corinthians was "close", with the player himself keen on a return to the club he previously represented between January 2005 and August 2006.
The 27-year-old, who joined City from Manchester United in summer 2009 and has also previously played for West Ham, is under contract at City until June 2014.
Asked whether Tevez would now be discussing personal terms, Mancini replied: 'I don't know this. I repeat, at the moment, Carlos is still a City player.'
He added: 'I want to wait. At the moment we are here, we are working with the other guys. We should think about this.'
Defender Joleon Lescott admitted he would be disappointed to see his team-mate depart but understood his wishes.
The England international said: 'We'll be disappointed if Carlos leaves but it was down to the club and Carlos what was best for each other and they have come to an agreement so I wish both parties all the best.
'Carlos is his own man. Last season he played to 110 per cent every game so none of us will be holding any grudges towards him and we'll wish him all the best if he does leave.'
Meanwhile the player City want to replace Tevez, Sergio Aguero, looks likely to move away from the Vicente Calderon to Eastlands in the coming weeks and has been waiting for the Copa America to end before deciding on his next move.
'He wanted the Copa America to end to sit down and talk. During this week everything will be settled," Aguero's agent, Hernan Reguera, told Ole.
'Aguero has made a lot of important things for Atletico. He renewed his contract when he was one year away from becoming a free agent, he has played over 200 matches, he spent two years without vacations,' Reguera said.
'He is thankful to the fans and to the club's board. We have been talking about this for two months. I talk to the club's chiefs on a daily basis, and if it was hard for them to accept at the beginning, they have assumed it and there are no problems.
'He wants his career to grow, this has nothing to do with the money.'
Read more: http://www.dailymail.co.uk/sport/football/article-2015923/Manchester-City-accept-Corinthians-40m-bid-Carlos-Tevez.html#ixzz1SSj7HhiN
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