The AC Milan striker's agent Mino Raiola has held talks with Arsene Wenger over a potential deal but the Italian club's president says the transfer is now on hold
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However, Berlusconi says Balotelli's subdued displays in Brazil have halted the transfer.
"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 it to a top English club for €35 million, now the deal has stalled."
Balotelli scored against England during Italy's 2-1 win in Manaus but failed to find the back of the net against Costa Rica and Uruguay as the Azzurri were eliminated at the group stage.