The 30-year-old striker has agreed to join the Serie B side on a deal that runs until the end of the season and includes an option to extend for another year if they manage to earn a place in the top-flight.
The Italy international had been without a club since he was released by Brescia in July and has marked his return to football by reuniting with former AC Milan president Silvio Berlusconi and CEO Adriano Galliani, who are now in charge at Monza, in the second tier.
Mario Balotelli - free agent - is set to join Monza, Serie B side in Italy! Medicals on Monday @SkySport @DiMarzio 🔴— Fabrizio Romano (@FabrizioRomano) December 5, 2020
Balotelli is *not* going to Vasco da Gama despite rumours.
He’ll join Monza with Silvio Berlusconi as owner, they’ve also signed KevinPrince Boateng months ago.
Monza are eighth in Serie B after nine matches, and are nine points adrift of leaders Salernitana, but Balotelli has his sights set on taking them up to the top division.
“I thank the president Berlusconi and Adriano Galliani for this opportunity," he told La Gazzetta dello Sport. "I will do everything to help Monza reach Serie A."
Balotelli will have a medical at the club on Monday before the deal is confirmed, and Monza chairman Galliani is happy to work with him again.
"Mario is a good guy and even today in our interview I had confirmation of this," said the 76-year-old, who also warned that this is the player's "last chance".
Galliani said: "After all, I repeated it to him: 'Don't trust flatterers. If necessary, you will hear my criticism, but they will be for your good.' I saw the understanding in his eyes, the reaction I was looking for.
"The turning point was Mario's availability, but also that of [his agent] Mino Raiola who renounced any commission. Then we began to negotiate, already knowing that we would come to an agreement. So much so that both accepted that I was I do the figures."
At Monza, ex-Manchester City, Liverpool and Inter forward Balotelli will unite with former Milan player Kevin-Prince Boateng, who was signed in September and has two goals in eight appearances for the club.
Former Milan caretaker and youth team coach Cristian Brocchi is currently in charge of the first team.