The Gunners are in for a striker and were hoping to get the big money deal done, believed to be around £30million, before the summer tournament but the striker left with the Italian side before contracts could be sealed.
After a poor World Cup, Balotelli is now thought to have been forgotten by Arsenal and any other club who were after him.
Berlusconi is clearly gutted that he couldn’t get a deal done before the summer and is hoping that another club come calling before the start of next season.
“Other than Italy, I lost during the World Cup,” Berlusconi was quoted as saying in Gazzetta dello Sport.
“I was about to sell Balotelli to an English team for several millions. But after this World Cup who will buy him anymore?”