Goal exclusively revealed in June that Arsene Wenger met with the striker’s agent, Mino Raiola, in Brazil for talks over a potential £25 million move.
But after a subdued World Cup which saw Italy eliminated at the group stage, Milan’s club president Silvio Berlusconi conceded that a deal between the two clubs had stalled.
And Galliani has now confirmed that Arsenal have not followed up their interest in the former Manchester City forward.
"We have not received any offer [for Balotelli] and at this time, there is nothing from Arsenal," Galliani said on Sunday.
Meanwhile, new Milan coach Filippo Inzaghi maintains Balotelli remains part of his plans for the new campaign.