The 29-year-old forward has joined Sanat Naft on a one-year contract for an undisclosed fee.
Balotelli started his playing career in Sport Recife and has also played at Audax Rio, Cuiaba, Vardar, Al-Gharafa and Busan IPark.
Balotelli is Sanat Naft’s third foreign player after Cape Verdean Platini and Iraqi Karrar Jassim.
Sanat Naft sits 13th in Iran Professional League with three points from four matches.