Mario Balotelli
Balotelli was reportedly eager to make a move out of Italy after suffering from many cases of racismReuters

Liverpool have reportedly reached a £16 million agreement with AC Milan for the transfer of Italian striker Mario Balotelli.

Earlier, it was reported that the Reds were looking to secure the signature of the former Manchester City striker on a loan deal to see if he fits in at Anfield.

However, the Italian side were reluctant to let him leave on loan as they themselves require some funds to make their own signings this summer.

Therefore, Liverpool, who are in need of a new striker following the departure of Luis Suarez to Barcelona, have reportedly agreed a £16 million deal with Milan, according to various reports.

Milan announced the news of the 24-year-old striker's departure on their official website, saying that the Italian said farewell to his teammates and the fans.

"Mario Balotelli left the Milanello Sports Centre at 13:30 after having said goodbye to his team-mates. The forward, before exiting through the gates, bid farewell to the press office staff. Around 50 fans were also grouped in front of the gates to say goodbye to him," read a statement in the club's official website.

Balotelli's agent Mino Raiola is currently believed to be in talks with the Reds to discuss his client's wages and other contract details.

This move will see the striker, who was reportedly keen to leave Italy after suffering from many cases of racism, return to England after only 18 months following his £16 million switch from Manchester City to Milan in January 2013.

Liverpool, who have already completed signings of eight players – Adam Lallana, Rickie Lambert, Dejan Lovren (all from Southampton), Emre Can (Bayer Leverkusen), Lazar Markovic (Benfica) and Divock Origi (Lille), Javier Manquillo (on loan from Atletico Madrid) and Alberto Moreno (Sevilla) – this summer, will certainly be boosted by the addition of Balotelli, who has a lot of experience in the Premier League.

Despite being a talented striker -- he scored 14 goals in 30 Serie A games for Milan last season -- Balotelli has a bad reputation in England as he was involved in controversial incidents -- both on and off the pitch -- during his time at Manchester City.

And Liverpool, who have had their own problems with Suarez, will be hoping that Balotelli, who was heavily linked with a move to Arsenal earlier in the transfer window, behaves himself at Anfield during his second Premier League spell.