Released by Genoa over the summer, the veteran striker, now 35, has been linked with clubs across the world. However, he remains a free agent.
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Calciomercato.com says Cagliari could make a move for Balotelli after fellow centre-forward Andrea Belotti suffered an ACL injury last week.
The Sardinians are seeking a replacement and Balotelli has emerged as an option.
Cagliari coach Fabio Pisacane, asked about the rumours on Friday, said: "I wouldn't rely too much on what people hear or read online. I think that's a question we should ask director (Guido) Angelozzi."