The Italian giants have received offers from Brazil for both Alexandre Pato and Robinho, and are on the lookout for replacements should the duo head back to their South American homeland.
"I can assure you that Balotelli will not arrive," the former Italian Prime Minister told Sky Sport Italia.
"Drogba is certainly a player we really like, but I think at [his potential] cost only the Chinese and Russian clubs can afford him."
And Berlusconi, who turned 76 in September, remained tight-lipped on his club’s transfer targets, adding coyly: "Who will arrive? I cannot say…"
Balotelli has been promised another chance at Manchester City this week by manager Roberto Mancini, after the striker backed down from an argument with the English champions over a fine for poor behaviour.
Meanwhile, Drogba - who moved to Chinese club Shanghai Shenhua from Chelsea this summer - is reportedly unhappy with life in Asia and looking for a move back to Europe.