Liverpool striker Mario Balotelli is close to completing a season-long loan move to AC Milan, sources have told ESPN FC.

Balotelli is prepared to take a cut in his £90,000-a-week salary in order to make the move happen, sources say.

The Reds have also agreed to pay a portion of his wages as part of the loan deal, which is likely to go through before the end of this week.

Milan general manager Adriano Galliani confirmed on Sunday evening that he was negotiating to complete a deal for Balotelli. The Italy striker, 25, was in the country over the weekend to discuss the move.

Mario Balotelli could be heading back to Italy on loan with AC Milan, sources say. AP

Balotelli left the Rossoneri for Anfield in a £16 million deal in August 2014, signing a three-year contract. However, his time on Merseyside has been a major disappointment, bringing only four goals and a series of lacklustre performances.

Manager Brendan Rodgers effectively cast Balotelli out of his squad by not selecting him for any of the club's preseason matches.