The teenager, already reportedly the envy of both Manchester United and Manchester City is also wanted by the London club. The mega-bid comes just days after Chelsea boss Carlo Ancelotti said he would like to coach the player.
Balotelli's future at Inter has been up in the air after several disciplinary problems last season and the player recently dropped out of the Italian Players' Association (AIC). However, new boss Rafael Benitez recently suggested that the 19-year-old was important to the club.
Considered one of the best prospects in world football, it's unlikely that Balotelli will be sold on the cheapm if indeed he leaves the Giuseppe Meazza. He has an impressive record of 20 goals in 59 appearances during his first three seasons in Serie A.
After featuring for the Italian Under-21 team over the past several months, there are also suggestions he could be in line for a call-up to the senior national side under new coach Cesare Prandelli.