AC Milan CEO denies receiving any bids from Arsenal for Mario Balotelli

Unless the situation takes a drastic change, Mario Balotelli will be playing for AC Milan this upcoming season.

The striker has long been linked with a move back to the Premier League this season, with Arsenal the club most often said to be eyeing his services.

However, AC Milan CEO Adriano Galliani says the Italian side has not received any formal bids from the Gunners over Balotelli, indicating that the mercurial 23-year-old will stay put, at least for now.

"We have not received any offer (for Balotelli) and at this time, there is nothing from Arsenal," Galliani said, via Sky Sports.

There were some rumblings over the weekend that the two sides were close to a £15.8 million agreement for the transfer of the striker, but as with many of the rumors that emerge at this time of the year, those seem not to be based in fact.