The Italian forward only joined the Reds from AC Milan over the summer in a £16m deal, but his spell at Anfield has been a disastrous one so far.
Two goals – neither in the Premier League – a host of below part performances and questions about his work rate have led to rumours that his career on Merseyside is already as good as over, with reports having linked him with moves to former club Inter Milan and Napoli.
But, Olympaikos are now at the front of the queue after making a surprise offer for the 24-year-old.
The Superleague side want ‘Balo’ on loan for the remainder of the season with a view to a potential full transfer, which may appeal to Brendan Rodgers.
However, potential stumbling blocks could come in the shape of the player’s willingness to move to Greece and Olympiakos’ financial issues.
Balotelli’s first-team chances are likely to be limited at Liverpool when Daniel Sturridge returns from injury this month, while a move to re-call loan star Divock Origi has also been mooted.