Reds manager Jurgen Klopp is willing to offload the 26-year-old before the end of the month, but despite being linked to numerous clubs in his homeland of Italy, Balotelli remains at Anfield.
The striker, who is said to be training with the development squad, struggled to make an impact when he joined the Merseyside outfit from AC Milan in the summer of 2014, which resulted in a loan return to San Siro last season.
Constantin told Ticinonews.ch: "I can confirm we're discussing about a possible loan of Balotelli. We're progressing but I can't say yet if the transfer will be successful or not."
Balotelli has scored just one Premier League goal during his time at Liverpool.