The Rossoneri have been preparing an approach for the ex-Inter Milan striker, a self-confessed Milan fan, but City are reported to be demanding 28million euros (£23.5million) for a player they bought for 22million euros (£18.5m) in 2010.
Milan are also eager to tie up a long-term loan deal for Real Madrid forward Kaka having raised 15million euros (£12.5m) from Alexandre Pato's sale to Corinthians last month.
Galliani told the Gazzetta dello Sport: "If Balotelli's price comes down then I'll get over to Manchester immediately."
While it remains to be seen whether the Serie A giants will make their interest in Balotelli formal before the February 1 deadline, representatives of Milan, Real Madrid and Kaka are set to hold a second round of talks over the player's future tomorrow, following positive discussions in Milan last week.
Rossoneri president Silvio Berlusconi has never managed to keep his adulation for the Brazilian playmaker a secret.
Kaka won the Serie A title, Champions League, Supercoppa and the Club World Cup during a successful six-year spell in Milan, being awarded the Ballon d'Or in 2007 before joining Real for 68.5million (£57.5m) in 2009.
Quoted on Gazzetta.it, Berlusconi told Sky Italia: "As a fan I have always dreamed of his return.
"Not just because he is a great player but because he is a great man and he has always been in our hearts."
- Sports & Recreation