Lukaku, 17, is considered one of the finest young talents in Europe and, although Real Madrid have openly spoken of their interest in the player, he has revealed he would prefer to move to the Premier League.
Although a fan of Chelsea, French magazine Sport/Foot reported that Lukaku's agents were due to travel to Manchester on Wednesday this week to finalise a summer move to Eastlands.
Asked about the player on Thursday, though, Mancini dismissed suggestions of an imminent move.
"Lukaku is a good player and he is young," Mancini said. "Maybe in the future something will happen but, at this moment, no."
Having brought in Edin Dzeko already this month, City's efforts now appear to be centred on offloading fringe players such as Emmanuel Adebayor and Shaun Wright-Phillips.
Mancini said there are no developments as yet on the attempts to reduce the wage bill but remains hopeful there will be movement by the end of January.
"We have another ten days," Mancini said. "It is possible something could happen but at the moment there has been no progress."
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