Balotelli's future is very much in question, with the former Manchester City star strongly linked with a move back to England.
Milan's CEO Adriano Galliani has backed Balotelli in recent days, but Berlusconi responded to the speculation by suggesting that the club would be able to replace him.
Speaking to La Gazzetta dello Sport, Raiola said: "Mario wants to stay where he is loved.
"I appreciate the (AC Milan's CEO, Adriano) Galliani's words, but now I want to reply even to Barbara Berlusconi's ones.
"If Barbara Berlusconi thinks that Balotelli is replaceable then she can call me in for a meeting, and then we'll find a solution.
"I remember that Mario had other important offers. He is at AC Milan for a heart reason, I don't know if it is the same for her."