"We have not received any offer (for Balotelli) and at this time, there is nothing from Arsenal," said the Milan chief.
Galliani also said that Milan and Orlando City are some way off in their negotiations over another former Manchester City forward, Robinho.
"We are trying to arrange with him (Robinho) a similar path to Kaka, but we are still distant with Orlando City," added Galliani. "Tomorrow morning (Monday), we will talk with him and his lawyer to find a solution."
Galliani was asked about reported interest in Zenit St Petersburg defender Domenico Criscito and Torino winger Alessio Cerci.
He concluded by saying: "There is no news on Criscito. We have many defenders at the moment. Cerci is a Torino player."