Balotelli is a free agent following the expiry of a short-term deal with Marseille last season, during which he netted an impressive eight goals in 15 Ligue 1 matches.
Nota oficial - https://t.co/10xCRj02BX— Flamengo (@Flamengo) August 15, 2019
The former Inter and Manchester City star is now considering his options for the new season and a move to Flamengo was mooted.
However, the Brazilian outfit said on Thursday in a short statement that negotiations had concluded without a positive outcome, with a return to Italy with Brescia now reportedly an option.
Flamengo's statement read: "Flamengo, athlete Mario Balotelli and their representatives decide, by mutual agreement and after two days of cordial meetings in Monaco, to close on this date negotiations involving the possible hiring of the athlete."
Having started his top-flight career at Inter before a big-money move to City, Balotelli has bounced around Europe, turning out for AC Milan, Liverpool, Nice and, most recently, Marseille.
A three-year deal with newly-promoted Serie A side Brescia is reported to have been proposed to the striker.