The Italian looks to be leaving Nice this month after failing to score this term and been told to leave training and think about his future by boss Patrick Vieira.
With the 28-year-old's future in the balance he is just 5/2 to make the switch to Newcastle.
The Magpies are among five Premier League clubs to be linked with the former Man City striker by the bookies.
Marseille are favourite at 7/4 to sign Balotelli after a summer move for the striker fell through.
Alex Apati of Ladbrokes said: "Newcastle are well and truly in a relegation scrap right now but the latest odds suggest a Premier League winner may soon be on the way."
Ladbrokes: Mario Balotelli next club
Marseille – 7/4
Newcastle – 5/2
Wolves – 6/1
Crystal Palace – 6/1
West Ham – 8/1
Fulham – 10/1
Wolves, Crystal Palace, West Ham and Fulham are also being linked with a move for Balotelli by the bookies.
Arsenal legend Vieira, who was Balotelli's teammate at Inter Milan and City, has been frustrated with the striker's attitude.
In December he threw his gloves off and shouted at Vieira after he was subbed off against Guingamp.
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