Brescia president Massimo Cellino is expected to cut loose the former Italy international this summer after being left disappointed with impact.
Corriere dello Sport says Flamengo, Vasco de Gama and Botafogo have all been in contact with Balotelli and been encouraged to pursue a deal.
The striker has also been linked with Turkey, but he now favours a move to Brazil.
Cellino stated a fortnight ago: “I wanted Balotelli, but he proved himself to be too superficial and childish in his off-the-field attitudes.
"Let it be clear, we are not going into Serie B because of Mario, so it would be wrong and reductive to think that.
“If a child is impolite, the fault is of the parents, so we must not have dealt with him very well."