The Daily Star says Balotelli's agent Mino Raiola denied holding talks with Wenger last month over a potential switch for his client.
Wenger has already splashed out close to £50m on the acquisitions of Alexis Sanchez and Mathieu Debuchy from Barcelona and Newcastle respectively.
And the Frenchman made it clear, following Saturday's pre-season victory over Boreham Wood, that he is keen to continue his spending spree.
Although Balotelli's £150,000-a-week wage demands could provide a stumbling block for a potential transfer to the Emirates.
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