Mario Balotelli
Mario Balotelli has said his goodbyes to AC Milan Getty

Liverpool are on the brink of signing Mario Balotelli for £16m in what would arguably be the signing of the summer.

Neither club are yet to confirm the move, but sources claim the clubs have agreed the fee and all Liverpool have to do now is thrash out personal terms with the former Manchester City striker.

If the Reds are able to complete the deal and register Balotelli in time, the 24-year-old could be in line to make a remarkable debut against City at the Etihad on Monday.

News of the move has spread fast after Balotelli this morning bid farewell to players at the Rossoneri and announced on Italian television it would be his last day at the club.

He completed a full training session on Wednesday with the rest of the squad, Milan's official website said, where "around fifty fans were outside Milanello to greet Balotelli."

Milan president vice president Adriano Galliani got the rumour mill churning when he gave a blithe response to whether Balotelli would still be at the club on 2 September.

"We will see as the transfer market ends on 1 September," Galliani said when asked about Balotelli's future.

His comments come after Brendan Rodgers ruled out a move for the temperamental Italian during Liverpool's pre-season tour of America.

"I can categorically tell you Mario Balotelli will not be at Liverpool," Rodgers told reporters at a press conference.

But with just one Premier League match under his belt so far this season - the 2-1 home victory over Southampton on Sunday - Rodgers has dived back into the transfer market having already spent more than £90m on eight players this summer.

Reacting to the news, former Liverpool player and Sky Sports pundit Jamie Carragher acknowledged Balotelli's off-field antics but said the Anfield club needed a replacement for Luis Suarez.

"Balotelli is a player who has been here before and did a lot of stuff that was good for us in the media," Carragher told Sky Sports.

"He probably didn't quite show his potential at Manchester City and that, coupled with his off-the-field problems, probably saw him depart.

"He's the Italian number one striker and you want to see good players here. Liverpool do need a striker."

Another former Red, Dominic Matteo, agreed it would be a good move.

"You look at Balotelli's record, in 33 starts for Manchester City he scored 20 goals, which is not a bad return," he said.

"He's a dangerous player, he's proven at the highest level. If anyone can get Balotelli right it is Brendan Rodgers."

Balotelli was reluctantly sold by former City boss Roberto Mancini to AC Milan in January 2013 after scoring a total of 20 goals in 54 appearances and helping City lift the Premier League title and the FA Cup during his three years at the club.