Balotelli left the Premier League to join AC Milan in the 2013 January window, but after a strong start back in Italy has faded away badly.
The striker hasn't scored since mid-January and was seen crying when he was substituted against Napoli over the weekend.
Arsenal are short of options in attack and are likely to be in the market for a striker in the summer - and according to reports in Italy that man could well be Mario Balotelli.
Mediaset claim that Gunners boss Wenger met Balotelli's agent Mino Riola to discuss a potential move to the Emirates Stadium.
It had previously been suggested that Puma, Arsenal's new kit manufacturer may be on hand to help make a deal possible given that the Italian is a client of theirs.
Were a deal to happen, it would likely set the north London club back £25 million.
Arsenal currently only have Olivier Giroud as their main option in attack, with Nicklas Bendtner on hand to offer support when needed.
The Gunners are currently locked in a title battle with Chelsea and Manchester City, and go up against Manchester United this evening.