Reports in Italy have suggested Balotelli has grown frustrated with life in Milan, and will seek a summer transfer.
The former Manchester City man cried when he was substituted against Napoli last week, and although he bounced back with a goal against Bologna on Friday, it is clear that not all is right with the 23-year-old.
Balotelli spoke to his agent about the possibility of a January transfer, and although there were preliminary talks with Chelsea, no move materialised.
Arsenal fans have been desperate for Wenger to sign a new striker since the summer, and last week’s goalless draw with Manchester United further emphasised the need for attacking reinforcements.
Balotelli now appears high on the agenda, despite the Gunners being knocked back as recently as last summer, when Milan declared the Italian international would cost ‘twice as much as Gareth Bale’.
However, a combination of factors have now made a transfer a real possibility, with both player and club having signed sponsorship deals with German sportswear giants Puma.
Reports suggest that Puma – who have signed a £150million deal with the Gunners – could contribute as much as £15million to bring Balotelli back to England.