The Gunners were reportedly on the verge of signing striker Mario Balotelli after submitting a bid in excess of £25 million. AC Milan were also open to a switch since they wanted to reduce their wage bill with no Champions League football to look forward to next season.

However, the Italian side have now put cold water on Balotelli’s proposed move away from the club, according to the Express. The 23-year-old was slated to return to the Premier League this summer but Milan’s chief executive Adriano Galliani revealed that Balotelli will stay at the San Siro.

He had this to say about Balotelli and Italy’s World Cup debacle: “Balotelli will remain at Milan. I don’t like that it seems as though the national team lost due to Balotelli. Italy lost for other reasons. Balotelli has been the only striker who scored, others didn’t have a shot on target.”

“It’s not understood why people only talk about Balotelli, when the national team had a coach, technical staff and 22 other players. Let’s talk about the group. Now it seems the disappointment has been Balotelli. I don’t understand this and I prefer avoiding other comments.”

Well Balotelli in the red half of North London sure sounded like an interesting propostion but it seems like just another mooted transfer that will not be completed.