Reports in England suggest that the Gunners are preparing a €31 million bid for the AC Milan striker, currently on World Cup duty with Italy, and Mino Raiola indicated that it was a welcome link.
"Arsenal are a fantastic club," he told Sky Sports when asked about the report.
"Only eight or 10 clubs in the world can afford Mario Balotelli - like all premium players, and he is one of the greatest.
"Will the move happen? Anything is possible."
The former Manchester City striker has scored 28 goals in 51 appearances for the Rossoneri since returning to Serie A in January 2013.
He was on the scoresheet for his country against England in Manaus, netting the winner as the Azzurri got off to a strong start in Group D.