Galliani was speaking to reporters on Sunday ahead of the Rossoneri's pre-season friendly match at Monza.
Balotelli is currently in New York on holiday following his World Cup exploits with the Azzurri, but is expected to link up with his club team-mates for their US tour early next week.Reports on Sunday suggested Arsenal had agreed a £15.8million fee with Milan for the 23-year-old but Galliani stated there had been no bid.
"We have not received any offer (for Balotelli) and at this time, there is nothing from Arsenal," said the Milan chief.
Galliani also said that Milan and Orlando City are some way off in their negotiations over another former Manchester City forward, Robinho.
"We are trying to arrange with him (Robinho) a similar path to Kaka, but we are still distant with Orlando City," added Galliani. "Tomorrow morning (Monday), we will talk with him and his lawyer to find a solution."
Galliani was asked about reported interest in Zenit St Petersburg defender Domenico Criscito and Torino winger Alessio Cerci.
He concluded by saying: "There is no news on Criscito. We have many defenders at the moment. Cerci is a Torino's player."