The Italian has been desperate to bring the striker to the Etihad but have faced stiff competition from Manchester United and Serie A giants Juventus.
And after it emerged that Sir Alex Ferguson had stayed in Britain while his team were in Norway in a bid to force through a £20million deal for the Dutchman, Mancini has revealed his club are no longer in the race.
Uncertain future: Robin van Persie doesn't know where he'll play next season
When asked about the Gunners star, the City boss said: 'Van Persie? No, I don't think he will come here.'
United now expect to get the coveted signature of last season's Premier League top goalscorer by the time the new campaign kicks off on August 19.
The club also expect to add young Brazilian Lucas Moura to their ranks in the coming days.
Meanwhile, after the failed attempt to lure Van Persie to the Premier League champions, Mancini expects Edin Dzeko to remain.
Battle: Roberto Mancini has said Manchester City are out of the race, leaving the door open for United and Sir Alex Ferguson to sign Van Persie from Arsenal
However, responding to speculation about Juve and AC Milan's interest in the forward, Mancini added on Italian television: 'I'm pleased, as this means we have good players, but it’s pretty unlikely he will leave.'
Staying put: Edin Dzeko is now unlikely to leave Manchester City
'I lost my rhythm. I joined City in order to play in matches. I never imagined that things would turn out the way they have. I am too good for the bench. If I continue to sit matches out, then anything is possible.'
But Mancini added: 'He is right to say it’s no fun being on the bench, but when you join a big club then competition is normal.'
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