The Italian striker, 33, has spent this season in Turkey playing for Adana Demirspor.
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He scored seven goals in 16 appearances for the club during a campaign which saw him miss two months with a knee injury.
Now he is enjoying some down time while the Euros continues in Germany, but he is staying in shape by turning to a new sport.
Videos shared on social media showed Balotelli punching and kicking pads in a Muay Thai gym.
He also pulled on the gloves and got in the ring before engaging in a bit of light sparring.
Alongside the video, he added the caption: “Funny sparring.”
In another clip, he tagged Adesanya in what appeared to be a call-out of the 34-year-old fighter.
Adesanya is widely regarded as one of the all-time greats in the UFC.
He held the middleweight title for three and a half years between 2019 and 2022.
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After regaining the belt in April 2023 by beating Alex Pereira, he relinquished the title again in September when Sean Strickland beat him by unanimous decision.
Balotelli is known as a fiery character who landed himself in hot water through antics such as letting off fireworks in his house and firecrackers in the changing room.
He scored 30 goals in 80 games for Man City, winning the Premier League title on the last day of the season 12 years ago.
Balotelli went on to feature for the likes of AC Milan, Liverpool, Nice and Marseille.
He also earned 36 Italy caps between 2010 and 2018, scoring 14 goals.