San Siro boss Jose Mourinho would love to add the England star to his midfield and reports in Italy say he is ready to cut adrift troublesome teen Balotelli to land a player he twice tried to buy when in charge of Chelsea.
The Italians believe Gerrard would cost upwards of £30million, a similar fee that they would ask for Balotelli, and believe that Anfield boss Rafa Benitez may be more interested in taking a player rather than risk not being given money to re-invest from a cash bid.
Balotelli is highly regarded by Inter president Massimo Moratti, but there are growing tensions between the 19-year-old and Mourinho.
The Italy Under 21 international has been left out of his club's last six matches, virtually crushing his dream of playing in the World Cup this summer.
If Benitez is not keen on Balotelli, Inter would offer accept bids for him far below his £62m release clause.