‘Mad Mario’ only left the Premier League at the start of last year following a turbulent spell at Manchester City, but he is already thought to be considering another switch.
His uncertain future at the San Siro is said to have alerted Arsene Wenger, who is keen to bolster his attacking options at the end of the season.
The Frenchman was linked with a range of strikers last month, but ultimately elected not to add to his armoury.
Balotelli would certainly add a greater level of threat to the Londoners’ front line, albeit with an unpredictable edge.
But Wenger is believed to be willing to take the risk on the controversial hit-man.
The Italian international may well be open to a return to England, where he helped City to claim the Premier League title in a tempestuous spell.
Balotelli has already spoken of a desire to link up with Jose Mourinho, which hints at a possible desire to make a dramatic Premier League comeback.