Newspaper Gazzetta dello Sport was among those to report inflatable bananas were waved by Inter fans in Sunday's 1-1 draw at the San Siro.
Balotelli also put his finger to his lips in an apparently defiant gesture.
The Press Association is reporting that the Serie A disciplinary council will rule on the events of the match at the San Siro in a meeting to be held in Milan on Tuesday.
But Italian football journalist Tancredi Palmeri, in an interview with BBC World Service, questioned whether the waving of the items were directed at Balotelli.
"I've pretty much always seen these inflatable bananas in the stands of the fans," he said.
"So we could question what could be the meaning. It could be that it so sometimes just a joking towards the opposite fans.
"I'm not ruling anything out."