AC Milan are the favourites to land the controversial striker's signature but his agent has signalled that the Manchester City player will not leave the club this month, declaring he has no intention of entering into negotiations with another side.
"I'm not interested in negotiating with anyone. Mario stays at City," Mino Raiola said.
Raiola clearly believes it will not serve Balotelli's interests to get him moved to Milan, even though the City manager Roberto Mancini considers that the Milan president Silvio Berlusconi's negative comments about the player are a pretence.
Milan's chief executive, Adriano Galliani, has rejected the idea of a Balotelli move.
Mancini is the last member of the City hierarchy to have any faith in Balotelli and has never suggested that he wants to sell.
Meanwhile, City defender Matija Nastasic has admitted that he is "proud" to have established himself in Mancini's starting XI ahead of the likes of Joleon Lescott and Kolo Toure.
"I'm very proud of that because Joleon is a great player and so is Kolo," he said. "When I arrived I noticed in the first couple of games that I could settle and play and that gave me confidence but it's not important who plays as long as the team do well."