The Italian forward has been without a club since his contract with Brescia was terminated at the end of last season, after he missed multiple training sessions on June and July.
However, Italian transfer market specialist Gianluca Di Marzio has reported that the 30-year-old striker is set to undergo a medical test with the club owned by former Milan President Silvio Berlusconi on Monday.
If everything goes through, Balotelli will join Monza on a six-month contract that will last until June 2021, and thus he will join forces with former Milan team-mates Kevin Prince Boateng and Cristian Brocchi, with the latter being the manager of Monza.
Balotelli has been linked with numerous clubs, particularly with ones in the Championship, such as Barnsley, but also with ones from outside of Europe, such as Brazilian powerhouse Vasco da Gama.
Traditionally, Monza has become known as a satellite club of Milan, with it being an ambitious club that has only recently made it back to Serie B, after more than 20 years of absence.
Their recent success has coincided with Berlusconi's takeover along with his loyal CEO Adriano Galliani, with Berlusconi selling Milan back in 2017.
Monza are currently aiming to get promoted to Serie A, and whilst they are currently sitting in ninth, signing Balotelli could well and truly help push them to securing a place in Serie A for the first time in their history.
Balotelli had a number of disciplinary issues at Brescia, and he also scored five goals in 19 Serie A appearances, as Brescia immediately got relegated.