The new head coach will meet the media for the first time as Italy boss at 12:00 (1000GMT) at the national team's training centre at Coverciano near Florence.
Former Inter Milan and Manchester City coach Roberto Mancini was given the daunting task of rebuilding Italy's national side on Monday following their astonishing failure to qualify for the World Cup.
Mancini is replacing Gian Piero Ventura, who was sacked in November after the Azzurri failed to qualify for the World Cup for the first time in six decades.
Balotelli has not been called up for Italy since the last World Cup when his attitude was the subject of barely-veiled criticism from some senior players.
His contract will run until 2020, but stipulates an automatic extension should Italy qualify for the European Championships that year, and also includes various incentive-based bonus payments.
"Being here in this role is important, and this was the right moment in my career".
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Sky Sports Italia reported yesterday that Mancini has now agreed a two-year deal and will sign a contract in Rome today. "I want to bring Italy back to where it belongs - on top of the world and Europe". It's a hard time and there's a lot to do.
The Italy squad will convene on May 22 ahead of friendlies against Saudi Arabia (May 28), France (June 1) and the Netherlands (June 4). "I will certainly speak to Balotelli". "We want to see him play the way he did at the European Championship (in 2012)", he said.
That was followed by a stint at big-spending Manchester City where he won one English Premier League and one FA Cup title in four seasons.
Since leaving England in 2013, Mancini also managed Galatasaray, who he lead to a Turkish Cup title, and Inter Milan before joining Zenit in June 2017.
He reached the semi-finals of Euro 1988, and was in the squad that finished third in the 1990 World Cup on home soil.
But this will be his first global coaching job.
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