For weeks the 20-year old Italian has been linked with a shift to Eastlands to reunite with Roberto Mancini but as of yet, nothing has occurred.
However, Mino Raiola says a deal could be finalised on Friday although Balotelli would not be free to take on Tottenham in the English Premier League's opening weekend.
"Today, there was a step forwards, I can confirm that," Raiola told Sky Italia.
"So I am very confident about closing the deal soon but it doesn't just depend on me.
"Will he play on Saturday against Tottenham? Look, at this point I would say no. Even if we close the deal tomorrow he wouldn't be able to do it, because of all the paperwork.
"Then the English laws impose details that would exclude his presence as early as Saturday.
"I am very optimistic, but today the deal is not already done.
"We haven't decided yet if Mario will go to England tomorrow, we need to think about that, but we haven't established that.
"Nothing is yet sealed so I can't guarantee that. Our aim is to close everything as soon as possible, we hope to be able to resolve the factors soon."