Balotelli, 28, has endured a torrid 2018/19 season since the arrival of manager Patrick Vieira, scoring zero goals in 10 league appearances.
This follows after a career-best 26-goal haul across all competitions in 38 games last season.
His form saw him earn a recall to The Azzurri after a four-year absence, while a host of suitors enquired over his availability.
However, after failing to agree a deal with his preferred destination of Les Olympiens, he reluctantly returned to Nice.
Now, six months later, they have finally landed their man on s short-term deal until the end of the current season.
Balotelli has scored 33 goals in 61 games since arriving in Ligue 1 back in 2016.