Citing reports from Italy, A Bola claims that AC Milan are looking for between €25m and €30m for the former-Manchester City forward, who has struggled to hit the heights of his early months at the San Siro.
Following his move from the Premier League back to Italy, Balotelli hit the ground running. And while he still leads Milan with 14 Serie A goals this season, he has failed to live up to expectations. A number of Premier League clubs have been linked, including Manchester United, Arsenal and Chelsea.
Milan president Silvio Berlusconi wants to use money from the sale of Balotelli to strengthen a squad that has flopped in the league this season.
For much of the campaign Milan have struggled in the bottom half of the table - although they currently sit eighth and could finish as high as sixth with one game remaining.
As well as England, the report claims interest in Balotelli on the continent would also be strong with Monaco thought to be preparing an offer.
But the Italy international reportedly does not fancy a move to the Ligue 1 side, opening the door for the likes of Chelsea and United.
Both sides are expected to be busy in the transfer market this summer, with Chelsea in particular keen to add another striker.