The Gunners have been strongly linked with a bid to sign the Italy striker in recent weeks but a deal failed to materialise before Italy crashed out of the World Cup in the group stage.
I was going to sell [him] to a top English club for €35m, now the deal has stalled
And Berlusconi revealed that the club were close to striking an agreement to sell the 23-year-old before Italy’s disappointing campaign in Brazil.
“Other than Italy, I’m the one who lost at the World Cup,” Berlusconi is reported to have said during a political meeting by Gazzetta Dello Sport.
“I was selling Balotelli to an English team for several millions, but, after this World Cup, who will buy him now?
“I was going to sell [him] to a top English club for €35m, now the deal has stalled.”
MORE: Man United latest news
MORE: Arsenal latest news
MORE: Chelsea latest news
MORE: Liverpool latest news