The 25-year-old has been told by Liverpool boss Jurgen Klopp that he will play no part this season, but finding a suitor for the controversial forward seems to be tricky.
Balotelli has proven himself a flop at Manchester City, Liverpool and AC Milan, where he scored just once in 20 Serie A appearances on loan last season.
Former Premier League striker Collymore has quipped that his Italian counterpart has had more lives than "25 cats" regarding chances to prove himself, stressing that Wolves should not be interested in a player destined to become a "circus act" - if he isn't already.
Asked if Wolverhampton Wanderers should move for the Liverpool striker, Collymore, offering a thumbs-down gesture on camera, responded: "Mario Balotelli has had more lives than 25 cats," he said on a Stadium Astro Q & A Facebook session.
"He's going to end up being a circus act and by that I mean never doing the business anywhere, but because he's a big name he'll get more moves to more clubs.
"If he was going to find a home it would've been at Liverpool [and it] didn't happen for him, so no [to Wolves move]."
It might have seemed like a ridiculous notion just last month, but Wolves have much more financial clout these days following the takeover by Fosun International. They are being linked to some pretty big names - including Benfica pair Luisao and Anderson Talisca.
Balotelli joined the Reds for £16 million under Brendan Rodgers two years ago.
Liverpool's Mario Balotelli in action with Hull's Tom Huddlestone