Tevez has not played for City since the Argentine refused to warm-up during a Champions League defeat at Bayern Munich in September.
The 28-year-old spent over two months back home in Argentina as he waited for an expected escape from City during the January transfer window.
However, talks with AC Milan, Inter Milan and Paris Saint Germain failed to result in a transfer for Tevez as City held out for a fee in excess of ?25 million ($39 million).
Now Tevez is expected to return to England in the next few days and Mancini is prepared to welcome the forward back into his plans, even though he previously insisted the former Manchester United star was finished at Eastlands.
Mancini is willing to speak to Tevez and the Italian believes he can be involved in the club's push for honours.
"Everyone knows Tevez is a top player and it probably would have been better for us if he'd been here," Mancini said.
"Carlos has the ability to change a lot of games. If he comes back next week, maybe he can help us in the last three months.
"I don't know if he is in good condition or not. I don't think so because he hasn't played for four months. But Carlos recovers strength very quickly.
"Carlos knows the situation. If he comes back, we talk. Why not? I don't have a problem."