Mancini said a fully-fit Tevez could wear the sky blue shirt again, despite previously asserting that the Argentina international was "finished" at City.
Tevez remains at City after interest from AC Milan, Inter Milan and Paris St Germain failed to turn into a transfer.
"If he comes back - and he is fit - it is possible," conceded Mancini.
I hope for him he has been training in the last three months to help his condition
Tevez, 27, remains in Argentina and, as yet, there has been no indication when the striker may return.
"Carlos is not an option at the moment but it is possible in the future if he comes back," added 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."
Mancini has confirmed Owen Hargreaves remains available but has struggled to gain any consistent form during his time at City, triggering the deadline-day loan deal that saw David Pizarro move from Roma.
"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.
"I hope for him he eventually is able to play all the time. He deserves to."
Club captain Vincent Kompany has insisted City have the mental strength to keep their title challenge on course.
City have had a mixed set of results in January, allowing Manchester United to draw level with them on points at the top of the Premier League table.
If people want to underestimate us, then please do so
But Kompany expects his team-mates to thrive on the pressure as they aim for a first top-flight title since 1968.
He said: "If anything it will give us a boost to carry on and if people want to underestimate us, then please do so."
The pressure has increased on City in recent weeks, with their 1-0 league defeat at Everton on Tuesday night coming at the end of a period which included cup defeats by Liverpool and neighbours Manchester United.
The Goodison Park defeat marked Kompany's return to the City team after a four-game suspension following his red card in the 3-2 FA Cup third round loss to United in January.
And he says he expects City to bounce back from the disappointment against Everton with a win against Fulham at Etihad Stadium on Saturday.
"There is no shame in going under at Everton," he said.
"It wasn't enjoyable, but we believe we can go back to our best football and win the games that are left to play."
Manchester City boss Roberto Mancini has named Carlos Tevez in his 25-man squad for the remainder of the season - and admitted he could pick him again.