The controversial striker, who looks set to leave Italy and return to England, is set to hold talks with Arsenal after the club were sounded out over a possible switch.
The report has suggested that Gunners boss Arsene Wenger is a fan of the forward, despite his reputation.
Balotelli has been the subject of racist taunts in recent time, and he appears desperate to make a sensational return to England.
Arsenal are in desperate need of a new striker, with Yaya Sanogo currently acting as Olivier Giroud's only back-up at the club.
It remains to be seen as to whether Wenger will bring the Italian star to the Emirates for the 2014/15 campaign, but it will certainly make for a great spectacle if he does land him.
Arsenal fans will be desperate for the club to challenge for the title next season, and a world class striker addition will help the club achieve their ultimate goal.