"It depends on them," he told Sky Sport Italia when asked about City's demands for £31m for the Italian striker.
"I am waiting, they are there and if the price drops, then we will jump for Balotelli. Otherwise, we will stay in Milan. They are his legitimate employers, so we wait, observe and see what happens.
"How much does it have to drop? We don't know. Paying in instalments is an option, but you still have to pay."
Galliani added that Milan are "trying" to sign Kaka by reaching a financial settlement with both the player and his club Madrid.
"We are trying for Kaka," he said. "It is an issue of numbers. I don't want to get into particulars right now, but we have to make a sacrifice, as do Real Madrid and Kaka.
"In a day or two we'll know whether the move can go through or not. It is a difficult solution to find because there is a big anomaly in the difference between the Italian and Spanish fiscal rules.
"Of all the players who left Milan, nobody had the emotional effect of Kaka, not even Zlatan Ibrahimovic or Thiago Silva. There are thousands of Rossoneri fans who are orphans of Kaka since 2009, including me."
Kaka left Milan for Madrid in the summer of 2009, while Balotelli joined City from Inter Milan the following year.