The Italian forward, 29, is onto his eighth club having struggled to settle at any of his former employers for more than a few seasons.
Ex-Leeds chief Cellino is said to have written to Balotelli requesting for his contract with Brescia to be terminated.
Balotelli still has over two years of his three-year deal left to run, but Cellino has been irked by the striker persistently missing training.
Brescia has been preparing for the Serie A restart, but Balotelli has been missing in action, as he has failed to turn up to several sessions.
Gazzetta Dello Sport is one of the publications that state that the former Liverpool and Man City star’s contract will be terminated with immediate effect.
Turkish side Galatasaray have been linked with his signature, as well as Brazilian outfit Vasco da Gama, while a potential switch to the MLS could be on the cards.
Whether any clubs are prepared to take a risk on Balotelli remains to be seen though.
His stint at Brescia is the latest in a long line of failed spells in his career.
Balotelli has made 19 appearances this season, scoring five times, but had already frustrated club bosses as early as January after missing 10 training sessions that month.
Cellino called a meeting on May 29 after Balotelli missed two recent sessions – one of which was non-mandatory – and the owner has since suggested it was best for Balotelli to move on.
“I thought that coming to Brescia, which is his town, would commit him very much.
“At the same time, I think he was handled the wrong way by my previous coach [Eugenio Corini].
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“He doesn’t show up to training, he doesn’t look very committed let’s say, for the future of the club. That’s the problem. “Balotelli’s got a contract in Serie A, but he doesn’t have a contract in Serie B. So if we’re relegated, Balotelli won’t have a contract anymore.
“Balotelli apparently doesn’t like to stay in Italy anymore because he’s not acting that way.”
Balotelli though – who earns £877,000 per year – has denied he has been absent without permission.
He said: “I’m not training? I didn’t know I was a ghost.”