The pair reportedly had several fall-outs during their time together at Inter, with Mourinho once branding the striker "unmanageable", but the player's agent, Mino Raiola, insists that their differences have been resolved.
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"Balotelli and Mourinho could be reunited because they know each other and they didn't leave each other with hate," Raiola told 'Tiki Taka' on Italia 1.
"There was not a very nice incident between them, but they parted company on good terms. They have remained in contact and there is mutual respect.
"It could happen [a move to Chelsea] but [Milan vice-president] Adriano Galliani obviously doesn't want it to."
Chelsea have been in the market for a striker since Mourinho returned to Stamford Bridge, making several unsuccessful attempts to sign Manchester United's Wayne Rooney over the summer.