Arsenal have made contact with Mario Balotelli's agent to organise a meeting over discussions surrounding a possible €30million transfer in the summer.
According to Sport Mediaset, Gunners manager Arsene Wenger is keen to bring the volatile forward to Emirates Stadium and has already begun to arrange a time for negotiations with agent Mino Raiola.
Arsenal have only Olivier Giroud as a viable senior centre-forward and Wenger has seen moves for both Luis Suarez and Gonzalo Higuain fail over the past year.
The report claims Balotelli is getting tired of life at AC Milan since his move their last year and is prepared to move back to the Premier League, should Arsenal come calling.
A price tag of €30million is mooted and Sport Mediaset claim the San Siro would be open to the sale at that price because it would cover much of the loss of revenue if they do not qualify for next season's Champions League.
Milan are currently 11th in Serie A and 18 points off Napoli in third, which is the final spot that qualifies for Europe's premier competition.
The report also suggests the substantial transfer fee could be contributed to by Arsenal's new kit manufacturers from next season, Puma. Balotelli is currently sponsored by them and the German sportswear giant is keen to have one of their leading players play for a team wearing their kit.