There has been widespread speculation in recent weeks over a possible return to the Premier League for the 24-year-old.
Liverpool, who lost star man Luis Suarez to Barcelona last month, have been heavily linked with a move for the forward.
Galliani stated on Wednesday that no bid has been made, but stopped short of dismissing any talk of a potential switch in the near future.
"At the moment there has been no offer from Liverpool from Balotelli, so there are no negotiations," he told ANSA.
"But the transfer market finishes on September 1, so we'll see."
Balotelli won one league crown and an FA Cup during two-and-a-half seasons at Manchester City, setting up the dramatic last-gasp winner for Sergio Aguero in an enthralling finish to the Premier League title race in 2011-12.
The Italy international returned to his homeland in January 2013 to join Milan, scoring 12 league goals in 13 appearances, before netting a further 14 in a side that struggled for large parts of last season.
