Balotelli's future is far from certain with many reports claiming that a move to Italy could happen this month.
Inter have been linked with a bid to take him back to the club, but city rivals AC Milan are regarded as favourites whilst Italian champions Juventus are also believed to have an interest.
But Inter believe they are in pole position as they have first refusal on the player.
"The first refusal right exists," sporting director Piero Ausilio told Italian magazine Panorama. "We will decide whether to exercise it or not at a time when City decides to sell."
Asked how Balotelli would fit into the side, he added: "Technically, Balotelli can fit alongside any striker."
It is understood the clause was inserted by Inter when they sold Balotelli to Manchester City in August 2010.
Ausilio also ruled out a January move for Balotelli's team-mate Edin Dzeko, saying: "In attack, we're done and full with the arrival of Tommaso Rocchi.
"Our market is closed for sure concerning forwards. We don't need another attacker."
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