The Ligue 1 club have held talks with the Merseysiders about the Italy international, who was not at the Reds’ Melwood training ground on Thursday having been given permission to speak to the French side.
However, a deal is still some way off as no fee has been agreed and coach Lucien Favre has certain expectations of the 26-year-old, who is surplus to requirements at Anfield and is not in manager Jurgen Klopp’s plans.
“I don’t know him personally, but if he runs and wants to help the youngsters, then why not?” Favre told a press conference.
“If he doesn’t want to run, then there’s no way he’ll come here.”
Swiss side FC Sion have also expressed an interest in Balotelli.
On Wednesday president Christian Constantin said: “I can confirm that we are talking and negotiations are under way.
“Obviously I cannot know whether it will have a positive conclusion or not.”