But despite uncertainty surrounding the future of coach Massimiliano Allegri, who faces the sack because Milan are languishing in the bottom half of Serie A, just five points clear of the relegation zone, chief executive Adriano Galliani is a long-term admirer of Balotelli and views the City striker as the talismanic figure Milan require to fill the void left by Ibrahimovic's departure.
With Balotelli dropping to fourth choice striker at the Etihad Stadium this season, City are unlikely to receive offers anywhere near PSG's summer bid, but his valuation remains close to the £22 million the club paid to sign him from Inter in August 2010.
After he impressed for Italy during Euro 2012, Mancini insisted that Balotelli had to repeat those performances regularly to prove that he had overcome the inconsistency and immaturity that have tainted his two years at City.
Balotelli has failed to meet the challenge set by Mancini, however, and the pair's relationship has soured this season, with the manager shoving the player in the tunnel after a 1-1 draw at home to Arsenal. Also Balotelli reacted petulantly to being substituted during the recent 0-0 stalemate at West Ham.
Although any sale of Balotelli would leave City with just three recognised forwards, Mancini is prepared to hand Swedish youngster John Guidetti the chance to challenge for first-team selection following his recovery from a virus.
The 20 year-old scored 20 goals in 23 appearances while on loan at Feyenoord last season, earning him a senior debut for Sweden, and City are keen for his development to be tested at Premier League level.
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