The pair previously worked together at Inter Milan but were said to have had a number of disagreements during their time together.
However, Mino Raiola suggests that Balotelli could be on his way to Stamford Bridge following reports that the 23-year-old is frustrated with life in Italy.
"Balotelli and Mourinho could be reunited because they know each other and they didn't leave each other with hate," he told Italia 1.
"There was not a very nice incident between them, but they parted company on good terms. They have remained in contact and there is mutual respect."
Balotelli signed for Milan from Manchester City in January on a four-and-a-half-year deal.