The Italy international, currently on World Cup duty in Brazil, has been linked with a move to Arsenal as reports suggest he is interested in a return to the Premier League.
A number of other clubs have also been connected to Balotelli, including Milan’s Serie A rivals Napoli, and Berlusconi has opened the door to a possible departure.
"Balotelli is a great player and a real Italian talent, but nobody is irreplaceable. We’ll see what happens," said Berlusconi, who is the daughter of club president Silvio Berlusconi and also joint-CEO.
Kaka's future at Milan is also in doubt after Major League Soccer side Orlando City revealed they were in talks over a deal to sign the Brazilian, and Berlusconi admits he too could leave.
She said: "Kaka made history with Milan and I know he needs to make this important decision with absolute calm. If he stays then we’ll be happy, but we’ll have to take it into account if he does want to go."
While the likes of Baloteli and Kaka could be on their way out of the San Siro during the transfer window, Milan are still keen to strengthen their squad.
Highly-rated Hellas Verona forward Juan Manuel Iturbe is one player on their radar and Berlusconi hopes a deal can be agreed.
"Adriano Galliani (chief executive) and my father are working on it. This is a very solid club, among the best in Europe in terms of income," she said at a press conference.