The Italian is currently focusing on helping his country do well at the World Cup, but that hasn't stopped speculation regarding his future at AC Milan.
San Siro exit
It's been suggested that AC Milan are willing to part ways with Balotelli just one-and-a-half seasons after he returned to the San Siro from Manchester City.
The 23-year-old has a decent record in front of goal, scoring 26 in 43 league appearances, but reports suggest that the Rossoneri are keen to get him and his £150,000-per-week wages off the books.
That would explain why Milan are keen on selling up to Arsenal, who are said to have identified Balotelli as their main transfer target this summer.
The Gunners are in desperate need of a new forward to lend a helping hand to Olivier Giroud, and it seems as though Arsene Wenger has finally set his sights on Balotelli. Any big-name European striker is likely to cost a pretty penny, and according to Metro, who cite sources in Italy, the fee has been set at £29 million.
The deal looks to be gaining some momentum, with Balotelli's agent Mino Raiola meeting with AC Milan chief Adriano Galliani yesterday, supposedly to discuss the striker's future.
Arsenal have only once ever paid more than that figure for a player - when they splashed out £42 million for Mesut Ozil last summer.
In terms of technical ability, Balotelli is easily worth that figure, and given his age still has plenty of time ahead of him to establish himself as a major force in European football. However of course there are other factors to be taken into consideration with the controversial Italian striker.
Manchester City boss Roberto Mancini eventually lost patience with his antics and allowed him to return to Italy, where he appears at least to have mellowed somewhat. However his old temper flared when he was sent off for confronting a referee during Milan's defeat against Napoli, for which he received a three-game ban.
Arsenal may well hope that his recently announced engagement to girlfriend Fanny Neguesha and Wenger's ability to nurture young players could bring the best out of him.