However, the 24-year-old's agent Mino Raiola has insisted that talks regarding the switch started as early as May.
"The negotiations have been going on for three months. It's not exactly a scoop," he told Corriere della Sera. "I'll conclude the transfer on Monday or Tuesday, as there are still a few things to sort out.
"Liverpool have always been the only English club who negotiated for Mario. I never lied to the media. Three days ago there was talk of Liverpool, but no offer. The truth is I've been working on Mario for months. The time had come to divorce from Milan."
It is believed that Balotelli will cost the Reds £16m.