According to latest reports, negotiations between Liverpool and Milan moved swiftly on Monday after Sky Italia reported talks had taken place between the two clubs over a season-long deal for the striker, who has previously played for AC and Inter Milan as well as Manchester City.
The deal, which is understood not to include a loan fee or a right-to-buy agreement, will see Balotelli return to Milan for the 2015-16 campaign.
There has, however, been a slight hold-up in the paperwork and the loan move, which will see Liverpool continue to pay some of Balotelli’s wages, is expected to be officially announced on Wednesday.
Balotelli told Milan’s website: “I’m happy to have returned. I have little to say, just that I’m looking forward to train and prove my worth.
“I’m physically well – I just have to train with the squad. I have a lot of motivation but I just have to work and not speak.
“Did I think I would return to Milan? Yes, I always had Milan in my heart and I always had hope that I would return one day.
“Will I end my career here? I just have to start to work and have a good year, just have to work and that’s that.”
Balotelli has endured a miserable spell at Liverpool since joining the club in a £16m deal from Milan last summer.
He scored just one goal in 16 Barclays Premier League appearances for the Reds last term and has not featured at all for Liverpool this season.
Balotelli was left out of Liverpool’s pre-season tour of the Far East and Australia and has been training away from the first team in recent weeks.
Liverpool signed three forwards over the summer in Christian Benteke, Roberto Firmino and Danny Ings, while Divock Origi has arrived at Anfield after a year on loan at Lille.
Manager Brendan Rodgers refused to be drawn on Balotelli’s future after the goalless draw against Arsenal on Monday Night Football when asked whether the Italian was on the verge of returning to AC Milan.
“There’s nothing to add really on any transfers, there’s nothing for me to say,” Rodgers told Sky Sports.