The Rossoneri have constantly played down suggestions they could be in pursuit of the Manchester City striker but have now admitted to being interested in his services.
Galliani has revealed that Balotelli may still make his way back to Milan at some point but only if his club and City can come to an agreement over the transfer fee which may be paid in instalments.
"It all depends on Manchester City, " he told Sky Italia.
"Should our request fail, we will move on. At the moment we will stay where we are. We must wait and see what happens.
"Could we play in instalments? It is possible if we can agree on a sum to be paid."