Under contract at Nice until the end of the 2018-2019 season, the 28-year-old has scored 33 goals in 51 games since joining the Ligue 1 side in 2016.
Observers however feel Patrick Vieira -- who took over as coach in June and has overseen just seven wins in 18 league matches -- is ready to transfer Balotelli during the winter break with interest reported in England and Turkey.
"I have given Mario a few extra days off to think about his future and what he wants to do," said Vieira, who played alongside the giant centre-forward at Manchester City and Inter Milan.
"He's under contract here and everything is possible, if we can come to a common agreement who knows," said Vieira. Balotelli came close to a move to Marseille over the summer and returned to training late and unfit after the deal fell through.