Tevez has not played for City since a spat with Mancini during last September's Champions League defeat at Bayern Munich.
The Argentinian striker has been in limbo ever since, having returned to his homeland while attempts to broker a move in the January window fell flat.
Mancini however surprised many by including Tevez in his official updated 25-man squad for the remainder of the Premier League season, and said Friday it was possible the 27-year-old could yet feature this term.
"Carlos is not an option at the moment but it is possible in the future if he comes back," said Mancini.
"I hope for him he has been training in the last three months to help his condition.
"There is only one thing on my mind, the Barclays Premier League. But if he comes back - and he is fit - it is possible."
Mancini meanwhile revealed that the deadline-day swoop for Roma's David Pizarro was a consequence of ongoing concern surrounding the fitness of injury-plagued midfielder Owen Hargreaves.
"Owen always has these little problems," said Mancini. "When he came to us in the summer we took a gamble because he had not played for two years.
"We thought we could try and get him fit in two or three months and then he would be able to play.
"But, like any player who hasn't played for two years, when they start to train, every day there is a problem, with his knee or his hamstring.