The former Manchester City striker has been linked with a return to England, with Arsenal reported to be keen.
Raiola told Sky Sports News that Arsene Wenger's side would be one of only 10 clubs in the world who could afford to sign the AC Milan striker.
In a statement released to Sky Sports, Raiola would not rule out a move, saying: "Arsenal is a fantastic club in London.
"Only 10 clubs in the world maximum could afford Mario - like all premium players and he is one of the greatest.
"I won't make any further comment until after the transfer window closes."
Balotelli showed at the weekend he can still score against Premier League defenders, as he headed the winner for Italy in their 2-1 win over England in their World Cup opener.