The Serie A side had made Chelsea’s Fernando Torres their top transfer target, though there are doubts over whether a deal for the Spain international will get over the line before Monday’s transfer deadline.
Borini spent last season on loan at Sunderland, where his seven goals in thirty-two league appearances helped steer them away from any fears of relegation.
He returned to Liverpool in the summer, but is set to fall further down the pecking order with fellow Italy international Balotelli arriving at Anfield this week.
In total, Borini has made just twenty appearances for Liverpool since signing from Roma in the summer of 2012, scoring twice.
The 23 year old has also turned out for Swansea City, where he spent two months on loan at the end of the 2010/11 season and Chelsea, where he began his professional career.