Arsenal boss Arsene Wenger is in Brazil weighing up his next big-name striker addition.
The London Evening Standard says the Gunners retain a serious interest in Mario Mandzukic and a deal remains possible with the Croatian adamant he wants to leave Bayern Munich having expressed his displeasure with manager Pep Guardiola.
But Wenger is actively assessing other targets - including Queens' Park Rangers' Loic Remy and Lille's Salomon Kalou - and Balotelli's availability has prompted Arsenal to explore the possibility of bringing him back to English football.
Arsenal switched their attentions from Gonzalo Higuain to Luis Suarez last summer when they were advised the latter could be acquired for a bid in excess of £40m only to end up signing neither, leaving them without adequate competition for Olivier Giroud.
