The enigmatic striker, 23, is no stranger to English football after a two-and-a-half year stay with Manchester City, where he scored 30 goals in 80 games following a €22m move from Inter Milan in 2010. Balotelli had his fair share of controversial incidents in England before heading back to Italy with AC Milan in January 2013, with his fractious relationship with Roberto Mancini a large factor in his departure.
30 goals in 54 games with Milan have seen Balotelli become one of the deadliest strikers in Serie A, but his tepid displays for the national team at this summer's World Cup have seen him become public enemy number one in Italy, and with the striker being subjected to racial abuse as well, rumours have been swirling that Balotelli will look to leave Serie A once again this summer.
Bizarrely, speculation in Italy earlier this week suggested that Milan had set their price tag for Balotelli, and that was just €18m (£14m); €2m less than what Milan paid to sign him just 18 months ago. That seems a remarkably low price tag for such a talented player, and whilst he can be a headache both on and off the pitch, it's not every day you find a striker as good as Balotelli available for just £14m.
One of the natural links for Balotelli would be to reunite with Jose Mourinho at Chelsea. The duo worked together at Inter Milan, and whilst Mourinho also had trouble containing Balotelli, he did admit earlier this year that a reunion could be a realistic possibility.
"In football you never know the future," Mourinho said. "Balotelli is with a big club at the moment but you never know the future. They want to keep the best players and want to keep the best Italian players. But Mario has already been in English football before. I'm not going to be manager of Milan or the Italy national team, but he's a good kid and somebody I'd like to work with again."
The Blues have already landed Atletico Madrid's Diego Costa for £32m, but with Samuel Eto'o released at the end of his contract and Demba Ba now sold to Besiktas, Fernando Torres is the only other striker at the club. Signing another one who can score regularly has to be a priority for Mourinho, and he - more than anyone - knows that Balotelli is capable of.
He may not be keen on a complementary role, but he was handed that position at Manchester City and flourished when given the chance. Following his underwhelming World Cup, Balotelli needs to rebuild his reputation - and Mourinho may just be the manager to get the best out of him once again.