Balotelli joined his hometown club Brescia on a free transfer after spending the second half of the 2018/2019 season on a short-term deal at Olympique Marseille.
The 29-year-old has scored five goals in 19 Serie A games this season but his return to Italian football has not been without problems.
Balotelli threatened to walk off the pitch when he was racially abused by Hellas Verona fans in a Serie A match in November while a training ground confrontation with then Brescia manager Fabio Grosso led to him being dropped from the squad.
Despite having more than two years remaining on his contract, Cellino announced in December that Balotelli would be allowed to leave the club on a free transfer in the winter transfer window, but the former AC Milan and Liverpool striker ended up staying.
Brescia were bottom of the Serie A table and nine points from safety when football was suspended in Italy in March because of the coronavirus pandemic.
Balotelli’s contract will be automatically annulled if Brescia are relegated to Serie B but Cellino has admitted both parties got it all wrong from the start.
'I think we both made a mistake,' Cellino told the BBC's World Football programme.
'I thought that coming to Brescia, which is his town, would commit him very much. At the same time, I think he was handled the wrong way by my previous coach [Eugenio Corini].'
Cellino added: 'He doesn't show up to training, he doesn't look very committed let's say, for the future of the club. That's the problem.
'Balotelli's got a contract in Serie A, but he doesn't have a contract in Serie B. So if we're relegated, Balotelli won't have a contract any more. Balotelli apparently doesn't like to stay in Italy anymore because he's not acting that way.'
