Mancini on Monday ended speculation linking him with the Russia national team by committing himself to City until 2017, and Toure believes that will give the club the stability they need to build on their Premier League title.
"I was very happy to hear the news that our manager has signed a new five-year deal yesterday," Toure told the club's official website.
"It is important for this club to have stability at all levels, especially after we have just won the title and the FA Cup the season before. It means there will be no changes or disruption to what has proved a winning formula and for the long term, that can only be good for Manchester City.
"Now the manager can continue to build this club and plan for the future - let's not forget Sir Alex Ferguson has been at Manchester United for 25 years and they haven't done too badly over the years."
Toure also pledged his own future to the club and targeted further silverware with a side he joined from Barcelona in 2010.
"On a personal level, I'm very happy because I want to win many more trophies with City and the manager has the same mentality as I do - he wants to win everything with this club and so do I," he said.
"He understands how I play and what I want achieve and he has great belief in me, which, as a player, is very important, so as I say, I am very happy."