The 24-year-old forward had been linked to a move back to England for the entire transfer window, and finally put pen to paper in a long-term contract at Anfield, believed to be worth around €20 million (R283 million).
“Liverpool can confirm they have completed the signing of Italy striker Mario Balotelli, subject to registration,” read a statement on the club’s official website.
‘Super Mario’ was thrilled with his move back to the Premier League as he becomes the Reds’ ninth acquisition this transfer window.
"I'm very happy. We've been talking about coming here and now I'm happy to be here,” he told his new club’s website, before tweeting on his official account “YNWA! COME ON LIVERPOOL!”.
"Liverpool are one of the best teams here in England and the football is very good here,” he continued in his first interview with his new side.
"It's a great team with young players, and that's why I came here."
The maverick forward, who scored 30 goals in 54 appearances for Milan since joining them a year-and-a-half ago from Manchester City, was full of praise for English football, admitting he made a mistake in leaving in the first place.
“I’m happy to be back because I left England and it was a mistake,” he said. “I wanted to go to Italy but I realised it was a mistake.
“English football is generally better. English football is beautiful.”
A Premier League winner with City in 2012, Balotelli has won 33 caps for Italy, scoring 13 goals, but could not prevent his country’s shock group stage exit from this year’s Mundial in Brzail.
When asked what he hopes to achieve at Liverpool, the controversial striker answered in true Balotelli fashion: “As much as I can.”
Balotelli will be in the stands on Monday night to watch his new side face his former club Manchester City in their League fixture at the Etihad.