The controversial former Manchester City man has been heavily linked with the Gunners in recent weeks, but rumours are now circulating that Arsene Wenger has pulled the plug on a potential deal.
Balotelli himself is thought to have grown frustrated at Milan despite only being 18 months into his stint at the club, and is ready to leave following criticism for his part Italy’s elimination from the World Cup at the group stage.
Despite his talent, ‘Mad Mario’ is understood to be fairly short of options, which makes Arsenal particularly appealing to him.
With Wenger now eyeing Jackson Martinez and Alexis Sanchez, Balotelli is said to be ready to do all he can to get his potential switch to north London back on track.
The powerful forward is thought to be valued at close to £30m and would command wages of close to £180,000-per-week, which are both figures that may need to be lowered to get Arsenal back into the frame.