The Gunners boss is understood to be in the market for a marquee striker again this summer after missing out on the likes of Luis Suarez and Gonzalo Higuain 12 months ago, leaving Olivier Giroud as the club’s only recognised senior centre-forward.
Raiola revealed earlier on Tuesday that “anything is possible” regarding the possibility of Balotelli signing for Arsenal during the close season.
“Arsenal are a fantastic club,” he told Sky Sports when asked about the report.
“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.”
Balotelli was on the scoresheet for his country against England in Manaus, netting the winner as the Azzurri got off to a strong start in Group D.