It means the ex-Liverpool striker could be back in the Italy squad for the first time in three years, with the news coming amid surprise links with a transfer to Newcastle United.
The 'Why Always Me?' frontman, now 31, is currently playing his trade in Turkey for Adana Demirspor and has impressed for the Super Lig side this season.
For much of his career, Balotelli has failed to live up to his promise having been coached by some of the best managers in the world and played for the biggest clubs.
Now though in Turkey, he seems to have found his form and with eight goals and four assists in 20 games this term.
Reported by renowned Italian journalist, Fabrizio Romano, Mancini appears to be ready to give Balotelli another chance for the Azzurri.
His last appearance for the European champions came back in September 2018, when Italy drew 1-1 with Poland in the Nations League.
His last international goal came back in May 2018, in a 2-1 friendly win over Saudi Arabia.
It's quite a turnaround for Balotelli, who has been linked with a surprise return to Premier League football, if reports from Turkey are to be believed.
Via Inside Futbol, the president of Adana Demirspor, Murat Sancak, has been quoted saying Newcastle have made contact with the club over a possible move for the striker, but no offer has been submitted yet.
"Newcastle United were considering signing Balotelli, but so far they have not made us an offer," he said.
"There is an exit clause in his contract. I will not tell you the number."