Balotelli's Italy crashed out of the tournament in Brazil at the group stage, having suffered defeats to Costa Rica and Uruguay, and Berlusconi was disappointed with the striker's displays, asking "who will buy him now?"
"Other than Italy, I'm the one who lost at the World Cup," Berlusconi said. "I was selling Balotelli to an English team for several million.
"I was going to sell to a top English club for £28 million, now the deal has stalled."
However, despite Arsenal keeping tabs on the former Manchester City striker, Galliani insists Balotelli has never requested a transfer, and intends to retain his services.
"Balotelli never asked to be sold. He will stay at Milan. 100 per cent doesn't exist on the transfer market, but 99.9 per cent does," Galliani told reporters.
Galliani also confirmed that Torino midfielder Alessio Cerci and Arsenal forward Joel Campbell were on Filippo Inzaghi's wishlist this summer ahead of the 2014-15 season.
"Alessio Cerci and Campbell? They have the characteristics our coach likes, but so do many other players," he said.