Responding to the allegations, Balotelli had counter-accused her of an extortion plot.
The incident occurred in July 2017 during Balotelli's stint with OGC Nice in the French Ligue 1.
The Italian forward disclosed that they had sex by mutual consent when the lady was on vacation after which she phoned him and requested for €100,000.
Having in mind of a suspected plot against him, Balotelli went to the police and complained about the attempted extortion three weeks before she and her lawyer filed a complaint.
Authorities in Brescia, Balotelli's hometown have now closed the case, and says the allegations against the former Liverpool player was “unfounded.”
Commeting on the final verdict, Balotelli's lawyer said to news agency ANSA.
“Balotelli is satisfied, as this was an unacceptable and insulting accusation. It’s a pity for the girl, who proved herself to be an instrument in the hands of an adult without scruples.”
The judge ruled that witnesses and recordings of the telephone conversation with the controversial footballer indicated a ‘machination’ to extort money.
Balotelli spending just seven months with Monza in the Italian Serie B now plied his trade in Turkey with newly-promoted side Adana Demirspor.
The 31-year-old was part of Manchester City's squad that won the Premier League title in the 2011-12 season under Italian manager Roberto Mancini.
Balotelli has also played for clubs like Inter Milan, AC Milan, Marseille and Brescia.
