The 29-year-old Balotelli signed a three-year contract with his hometown club last year after they earned promotion to the top flight for the first time since 2011.
Balotelli has earned a reputation as a troublemaker during his career.
It was a career in which he has played for Inter Milan, Manchester City, AC Milan, Liverpool, Nice and Olympique de Marseille, and won 36 international caps.
A television station had reported that Balotelli was involved in a row with Brescia president Massimo Cellino.
This was after the striker did not return to training when COVID-19 restrictions were eased in the country.
The report said Balotelli was offered a consensual termination, which he refused, and the club then sent a letter to his lawyer saying his contract would be ended.
Balotelli has scored five league goals in 19 appearances this season for a struggling Brescia side who are bottom of the league standings.
They are nine points from the safety zone with 12 games left.
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