Balotelli could be about to make a sensational move to the Championship
A new striker is understood to be at the top of the agenda for Wolves' new Chinese owners, who completed a takeover at Molineux earlier in the summer and are thought to be keen on making a statement as they plot an eventual return to the Premier League.
Balotelli is thought to have been told by Reds boss Jurgen Klopp that he has no future at Anfield, and is understood to be one of the possible options being explored by Wanderers, mainly due to the Italian's connections with super agent Jorge Mendes, who has already been busy recruiting players from Portugal for new boss Walter Zenga.
The Daily Express has also claimed that Balotelli's close friend Jose Mourinho has advised him to leave the Premier League in order to find regular first team football.
The forward spent last season on loan at AC Milan after scoring just one Premier League goal following his £16 million move to Merseyside, and has been looking for a new club for most of the summer.
Reports suggested he had accepted a move to Serie A side Chievo, while a move to Turkey was also thought to be an option, but neither have so far lead to anything concrete.
If Wolves are going to be successful in securing what would be a sensational move, they will have to work hard to persuade the former Manchester City star, who is reportedly keen to play in one of Europe's top leagues.