Goal revealed earlier this week that Arsene Wenger and the player’s agent Mino Raiola were due to meet in Brazil - where the Arsenal manager is currently working as a pundit on French television - on Saturday with a view to thrashing out a deal for the controversial Italy striker.
Arsenal were hopeful of being able to sign the former Manchester City star for around £25m but Milan have issued Raiola with a mandate to get an extra £10m from any potential buyer.
Having missed out on Champions League qualification Milan are willing to let their star player leave, but with Manchester City due to receive a 20 per cent sell-on fee the Italian giants are hoping to drive up the asking price.
Balotelli has scored 28 goals in 51 appearances for Milan since returning to Serie A in January 2013 and was coy when questioned about his future ahead of Italy’s shock 1-0 World Cup defeat against Costa Rica on Friday.
"I'm concentrating on the national team and the World Cup," he told reporters.
"What comes later, we will see. I know nothing."
Raiola was similarly guarded earlier this week with regards to his client’s future, saying: "Arsenal are a fantastic club," when asked about the report by Sky Sports
"Only eight or 10 clubs in the world can afford Mario Balotelli - like all premium players, and he is one of the greatest.
"[Will the move happen?] Anything is possible."
