According to a report in the Daily Mail, the North London club are weighing up a bid for the player, who has been in scintillating form since his return to Italy from Manchester City.
Despite this, the Milan club would most likely listen to any substantial offers for the player, as they continue to cut costs at the San Siro.
Balotelli has also attracted some negative press among fans of the Rossoneri following a petulant display in their crunch meeting with Napoli which saw the 23-year-old miss a penalty and later receive his marching orders for arguing with the referee.
This weekend, meanwhile, Milan picked up a valuable 1-0 win over Sampdoria which came as Balotelli started his three-match suspension, with the Italian forward looking on.
Back in February though, the Azzurri star appeared to pour cold water on the idea of a return to the English top-flight.
“I will miss the Premier League which I think is the best in the world, and the crowds at games,” Balotelli said at the time.
“But I am not going to miss the food, the weather, and the traffic and everything else.”
Despite these comments, in the event that Milan look to make a sale, there are few better destinations than North London for the forward.
With Mezut Ozil slotting into the side nicely, Arsene Wenger’s team have made a positive start to the current campaign and sit top of the table.
Should they carry that form through to January, then a move for Balotelli could bolster their front line, adding much-needed depth to their small but talented squad.
Arsenal have made a habit of securing shrewd transfer deals from financially-struggling teams too, with moves for Montpelier’s Oliver Giroud and Malaga’s Santi Cazorla both paying off.
Lukas Podolski enjoyed a similar path to the one potentially laid out for Balotelli, moving to big-spending Bayern returning to his hometown team of FC Cologne, before departing again to Arsenal where he was just beginning to hit top form, prior to injury.
As someone who worked wonders with the likes of Dennis Bergkamp, Thierry Henry and Emmanuel Adebayor, Wenger could also be the manager to get the best out of Balotelli.
But with the Italian famously angered by the behaviour of the British press, we may have to wait for further developments before this goes from rumour to full-blown transfer story.
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