But will he be able to make his debut for the Reds against his former team Manchester City on Monday night? Yes, but only if he is registered with the Premier League before Friday's deadline.
Their rules state that only players signed and registered before 12pm on Fridays can be eligible for matches on Saturday, Sunday and Monday.
A statement released on AC Milan's websites appeared to have confirmed the news that the transfer was close to going through.
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"Mario Balotelli left Milanello's sporting centre at 13:30 local time, after saying goodbye to his team-mates," it read.
"Before leaving the premises, the striker has said goodbye to members of Milan's press office."
Balotelli played for City between 2010 and 2013, where he scored 30 goals in 80 appearances in all competitions and helped the team win the Premier League title in 2012.
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