The Italian was criticised for his challenge on the Gunners midfielder during Sunday's 1-0 defeat at the Emirates, a game in which he was later sent off after picking up two yellow cards.
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Manager Roberto Mancini admitted after the game he would "probably" look to sell the Italian in the summer and suggested he would play no further part in City's season.
However, the report claims that Balotelli will now be considered for selection after apologising to Song immediately after the game on Sunday.
Balotelli's ban means he is unavailable to play in City's next two games against Norwich and Wolves but could potentially feature in their final three games against Manchester United, Newcastle United and QPR on the final day.