A report in Italy earlier today had claimed that the Reds had lodged a bid in the region of £17.5m for the former Manchester City striker.
However, when asked about that rumour by reporters, Galliani claimed that there has been "no negotiation" between the two clubs regarding the 24-year-old.
"At this time we have not received any offer from Liverpool for Balotelli. Hence, there is no negotiation. We will see as the transfer market ends on September 1," he said.
Balotelli joined Milan from Premier League champions City in January 2013.