According to Sky Bet, the Foxes are rated as 3/1 to recruit the Italy international striker, who joined Liverpool from AC Milan in the summer of 2014.
Sky Bet rates Balotelli’s chances of moving to Sampdoria as 3/1 as well, with Lazio, Fiorentina and Galatasaray following them with odds of 5/1, 9/1 and 14/1 respectively.
Interestingly, newly-promoted Premier League outfit Watford have the same chances as West Ham United of landing the 25-year-old this month (16/1).
Balotelli joined the Merseyside outfit from Italian giants Milan in the summer of 2014.
The former Manchester City star struggled for form and with injuries during the 2014-15 campaign, scoring just one goal and creating only seven chances in 16 Premier League appearances.
Liverpool are unlikely to miss Balotelli if he does leave this summer, as it was clear from last season's displays that he does not fit into manager Brendan Rodgers’s system.
Despite showing promise in the early stages of his professional career, Balotelli has proven to be a largely average striker who blows hot and cold.
If the Merseyside outfit get a decent transfer fee for the former Inter Milan man, then they should not hesitate to sell him.