Balotelli appeared to stamp on the head of Spurs midfielder Scott Parker but referee Howard Webb took no action and the Italian scored the stoppage-time penalty which sealed City's 3-2 win.
Balotelli, who could be banned for four matches, has until Wednesday to appeal.
If he decides to appeal he would be available for the League Cup semi-final second leg against Liverpool on Wednesday but if the appeal failed he could face an even longer suspension.
City defender Joleon Lescott will not face any action for an incident during the same game when he clashed with Spurs defender Younes Kaboul.
NEWS:Balotelli escapes red to sink Spurs
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