The former Manchester City striker - who went home to Italy in January when he transferred to AC Milan - has reportedly contacted a local artist to create the work.
Livio Scarpella told Italian newspaper Il Giornale di Brescia: "I have received the commission, but I've never met Balotelli so I am working from photos."
He added: "I presented several drawings but Mario wanted to be immortalised in a pose that shows him having scored a goal, highlighting his muscles and with an expression of defiance.
"I have imagined him as an athlete from ancient times and the statue will be a mix of classical and pop style in platinum and coloured bronze with the eyes made of stones."
Italian media reports have claimed the statue will recreate his pose after he scored against Germany in the Euro 2012 semi-final.
