The 21-year-old, who drives a Bentley, was in collision with another vehicle in Medlock Street, near Deansgate.
Balotelli is understood to have been unhurt in the incident but a passenger from one of the cars was taken to hospital as a precaution.
A statement from Greater Manchester Police read: “Shortly after 3.15pm on Thursday April 5 2012, police were called to Medlock Street, Manchester City Centre to reports of a collision between two cars.
“The passenger of one of the cars was taken to hospital for precautionary measures. Inquiries are ongoing.”
Bradford's Sky Bet League One fixture against MK Dons has been postponed due to a waterlogged pitch at the Northern Commercials Stadium.
Callum McGregor has an added incentive to perform well for Celtic against Rangers at Ibrox on Sunday, if such a thing is required in the Old Firm derby.
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Rangers manager Graeme Murty is confident his players can handle the pressure of their eagerly-awaited tussle with Celtic.