Recent Saudi reports suggested that Shabab want Angolan hitman Flavio until the end of the season for €500,000.
Al-Baltan confirmed the official talks between both clubs as he revealed that another bid was made for outcast forward Hosni.
"We made an official bid to loan Flavio until the end of the season for €500,000, with an option to buy him permanently for €2.5million afterwards," the Shabab chairman told Modern Sport TV.
"We have also enquired about Hosni and we are waiting for Ahli's response on Thursday."
Should Hosni join the Riyadh-based outfit on loan, Ahli will receive €250,000.
Shabab might be too ambitious with their attempt, as the reluctant-selling Ahli are unlikely to give up two strikers at a time.
Striker Hosni has rarely featured for Manuel Jose's side this season, whereas Flavio is an indispensible member of the Portuguese's frontline.
Gomaa Talks
In the same manner, Al-Baltan stated that his club have opened talks with Red Devils' defender Wael Gomaa, who will run out of contract by the end of the season.
"We know that Gomaa's contract will expire next summer and thus we are keen to acquire his services next season," added the Shabab chief.
"A good offer will be presented to Gomaa and we are waiting for his reply."
Gomaa is currently considering his options as Ahli have announced last month that he is set for a new deal at the club.
The Egypt center-half spent a six-month loan spell with Qatar's Al-Siliya last term, before regaining his place with the African champions.