The striker is currently on loan at former club AC Milan.
The Italian was signed by former manager Brendan Rodgers last season, but endured a difficult year in England, managing just one goal in 16 Premier League appearances.
Rodgers deemed him surplus to requirements this season and allowed him to return to Italy on loan with former club AC Milan.
However, with Jurgen Klopp now in charge at the club, there is a chance for Balotelli to prove himself to a new boss, and Raiola believes he could have a future in England.
“Whether Klopp has a plan for him or not - I don't know, I haven't spoken to him about this or to Liverpool."
“If we talk about the quality and the talent Mario has, that is without question. Then you also need a manager that believes in you and gives you the chance to prove yourself. We will talk to him when it is time to talk to him."
A big boost to Balotelli’s hopes of returning to Liverpool, if he has any, will be that there is currently a shortage of strikers at Anfield.
Daniel Sturridge is still struggling to prove his fitness; while Christian Benteke has so far failed to justify the big price they paid Aston Villa for his services.
There is also Danny Ings and Divock Origi to consider, but both of those are very much options for the future, with the latter still a long way from being the finished article.
Balotelli has a chance to impress then, with Klopp sure to be keeping a keen eye on how things go for the rest of the season in Serie A.