The former Manchester City striker is being strongly linked with a return to English football at Emirates Stadium.
Struggles in Milan, which have seen the Rossoneri fail to secure European qualification for 2014/15, have sparked rumours that an exit could be imminent.
Arsenal are known to be in the market for a new frontman and would welcome a proven Premier League performer such as Balotelli.
Milan have also kept the exit door open, with managing director Barbara Berlusconi announcing that 'nobody is irreplaceable'.
Balotelli's representative Mino Raiola has responded to those comments by revealing that his client wants to be somewhere 'he is loved', but he has also reiterated that no discussions have been held regarding the 23-year-old's future with the Milan board or Arsenal boss Arsene Wenger.