Rossoneri coach, Sinisa Mihajlovic, reportedly met the Italian striker in Florence on Saturday and spoke to him about the move back to Serie A.
Galliani told Mediaset television on Sunday night that they were in talks with Liverpool, but an agreement has not been reached.
“Certain loves come back, but we’re going to have to wait a while yet before we can sing that about Balotelli,” Galliani said.
“We’re in talks with Liverpool to bring him back on loan. We’ve not reached an agreement yet about how much of his wage we will have to pay and how much they will pay.
“So there’s no agreement just yet. The player has realised that this is the very last train for him to get on. He wants to come back, so let’s see.”
Balotelli spent two seasons with Milan, before he left for Liverpool last summer. He scored 26 goals in 43 appearances for the Rossoneri.
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