The Gunners, who announced a partnership with sportswear giants Puma last month, are said to be keen on signing AC Milan striker Balotelli in the summer.
But amid talk that his giant price has put Arsene Wenger off making a bid, Puma are believed to have stepped in to offer an alternative.
According to reports in Italy, the company wants to help Arsenal finance a deal to bring the former Manchester City striker to the Emirates Stadium.
Puma, who also sponsor Balotelli, want two of their key brands together, and could even stump up as much as £15million of any deal to make the transfer happen.
The 23-year-old has been in stunning form since moving to Milan from City, scoring 25 goals in just 38 matches.
Balotelli is rated at about £40million by Milan.
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