The 24-year-old's agent, Mino Raiola, is in England for further talks, while the Serie A club are holding out for a fee in the region of £22.4m
Negotiations between the two clubs over a permanent move have progressed significantly over the past 24 hours, although the Serie A side are looking to hold out for a fee in the region of €28 million (£22.4m).
Balotelli trained with Milan on Thursday but the striker’s agent, Mino Raiola, is in England for further talks with Liverpool.
"Mario Balotelli left Milanello's sporting centre at 13:30 (local time) after saying goodbye to his team-mates," read a statement from Milan on Thursday afternoon.
"Before leaving the premises, the striker has said goodbye to members of Milan's press office."