Fresh speculation has suggested the Reds are interested in the Italy forward, despite Brendan Rodgers categorically denying that the club are interested in him previously this summer.
Rodgers has, however, admitted the club are searching the market for a new striker.
But, according to Milan CEO Adriano Galliani, that man is unlikely to be Balotelli - for now anyway.
"At the moment there is no offer received from Liverpool for Balotelli, so there is no negotiation. Then, the market ends September 1, we will see," Galliani told ANSA.
Liverpool have been linked with a long line of forwards this summer, with 24-year-old Balotelli just one of several names tipped to make the move to Anfield.
Klaas Jan Huntelaar, Ezequiel Lavezzi and even the likes of Radamel Falcao and Edinson Cavani have been discussed in relation to the Reds, although only Rickie Lambert has been signed in terms of strikers so far this term.
The 32-year-old joined Liverpool for £4 million following the sale of Luis Suarez and made his Premier League bow for the club when he came on against former side Southampton at the weekend.
Reports suggest Balotelli could be worth around the £17m mark, with reports also claiming he could be set for a loan move, although Galliani's latest claims suggest that has not yet interested the Anfield side.